Investment Rating - The report recommends a positive investment outlook for the machinery equipment industry, particularly focusing on companies with high export potential and strong growth prospects in overseas markets [3][10]. Core Insights - The report identifies three major opportunities for machinery equipment exports: the Belt and Road Initiative driving demand in resource-rich countries, strong demand recovery in Europe and the US, and the shift from capacity export to technology export in high-end manufacturing [3][4][5]. - Key companies recommended for investment include SANY Heavy Industry, Zoomlion, LiuGong, and Hengli Hydraulic in the engineering machinery sector, and Jerry Holdings and Neway in the oil service sector [3][4][5][67]. Summary by Sections Belt and Road Initiative - Investment in oil, gas, and mineral resources in resource-rich countries is accelerating, driving demand for domestic equipment and expanding global market share [3]. - The engineering machinery sector is expected to benefit from rising prices of non-ferrous metals and increased capital expenditure by mining companies, leading to higher demand for high-margin excavators [3][10]. European and American Demand - The report highlights a recovery in overseas production capacity and macroeconomic recovery, focusing on high-quality targets with significant exposure to European and American markets [4]. - Key recommendations include leading Chinese hand tool exporter Juxing Technology and companies in the industrial forklift sector such as Hangcha Group and Anhui Heli [4]. High-End Manufacturing Export - The shift from capacity export to technology export is emphasized, with Chinese equipment manufacturers leveraging their advantages to enhance export ceilings [5]. - Companies involved in the production of optical module equipment, lithium battery equipment, and photovoltaic equipment are highlighted as key players, with specific recommendations for firms like Meiwai and Aotewi [5]. Engineering Machinery Export - The report anticipates a new upward cycle for overseas engineering machinery demand starting in 2025, driven by recovery in global demand and increased capital expenditure in mining and infrastructure [10][11]. - Key companies with established overseas operations and competitive advantages in mining and large infrastructure projects are expected to benefit significantly [10][11]. Oil Service Market - The Middle East is identified as a core market for oil service companies, with high certainty for growth due to stable capital expenditure and strong demand [67][69]. - Recommended companies include Jerry Holdings, which has a comprehensive international certification system and strong project execution capabilities, and Neway, which has a significant presence in the aftermarket service sector [67][69].

证券研究报告·行业跟踪周报·机械设备 机械设备行业跟踪周报 推荐工程机械开门红机遇；持续推荐燃气轮 机&光模块设备 增持（维持） [Table_Tag] [1.Table_Summary] 推荐组合：北方华创、三一重工、中微公司、恒立液压、中集集团、拓荆科技、海天 国际、柏楚电子、晶盛机电、杰瑞股份、浙江鼎力、杭叉集团、先导智能、长川科技、 华测检测、安徽合力、精测电子、纽威股份、芯源微、绿的谐波、海天精工、杭可科 技、伊之密、新莱应材、高测股份、纽威数控、华中数控。 2.投资要点： 【工程机械】Q1 开工旺季即将来临，看好板块 Q1 确定性机会 工程机械板块存在明显的春季躁动，一般会在 Q1 出现明显上涨行情。复盘 2021-2025 年工程机械板块走势，板块一般在 Q1 会出现为期两周左右的超额 涨幅。春季躁动的来源主要系政策导向下，工程机械迎来开工+销售旺季。受 预算释放、春节后复工、气候适宜、两会后政策支持、市场促销等多方面因素 影响，Q1 一般为工程机械开工+销售旺季。开工层面来看，从挖机开工小时数 可以看出一般 3-4 月为全年开工高点。销售层面来看，2021-2024 年国内挖机 Q1 销量全年 ...

12月23日，中际旭创涨0.57%，截至发稿，报621.00元/股，成交144.98亿元，换手率2.11%，总市值 6900.04亿元。中际旭创股价已经连续3天上涨，区间累计涨幅8.72%。 资料显示，中际旭创股份有限公司位于山东省龙口市诸由观镇驻地，成立日期2005年6月27日，上市日 期2012年4月10日，公司主营业务涉及电机定子绕组制造装备的研发、设计、制造、销售与服务;光模块 设备制造。主营业务收入构成为：光通信收发模块97.58%，汽车电子1.74%，光组件0.67%。 从基金十大重仓股角度 截至发稿，浦宇佳累计任职时间1年265天，现任基金资产总规模16.44亿元，任职期间最佳基金回报 47.66%， 任职期间最差基金回报35.46%。 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 数据显示，圆信永丰基金旗下1只基金重仓中际旭创。圆信永丰科技驱动混合发起A（024592）三季度 持有股数5100股，占基金净值比例为9.09%，位居第二大 ...

Group 1 - The core viewpoint of the news is that Zhongji Xuchuang's stock has seen a significant increase of 5.35%, reaching a price of 505.31 yuan per share, with a trading volume of 7.332 billion yuan and a market capitalization of 561.459 billion yuan [1] - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, and was established on June 27, 2005. The company was listed on April 10, 2012, and its main business involves the research, design, manufacturing, sales, and service of motor stator winding manufacturing equipment and optical module equipment [1] - The revenue composition of Zhongji Xuchuang is primarily from optical communication transceiver modules, accounting for 97.58%, followed by automotive electronics at 1.74% and optical components at 0.67% [1] Group 2 - From the perspective of fund holdings, data shows that Pengyang Fund has a significant position in Zhongji Xuchuang, with the Pengyang CSI Science and Technology Innovation 50 ETF (588350) reducing its holdings by 108,400 shares in the third quarter, now holding 417,300 shares, which represents 8.27% of the fund's net value, making it the third-largest holding [2] - The Pengyang CSI Science and Technology Innovation 50 ETF (588350) was established on October 26, 2022, with a latest scale of 2.037 billion yuan. Year-to-date, it has achieved a return of 49.13%, ranking 309 out of 4206 in its category, and a one-year return of 51.55%, ranking 282 out of 3986 [2] - The fund manager of the Pengyang CSI Science and Technology Innovation 50 ETF is Shi Hongjun, who has been in the position for 6 years and 92 days, with a total asset scale of 37.402 billion yuan. During his tenure, the best fund return was 94.65%, while the worst was -24.1% [3]

Group 1 - The core point of the news is that Zhongji Xuchuang's stock price dropped by 5.39% to 439.01 CNY per share, with a trading volume of 13.03 billion CNY and a turnover rate of 2.56%, resulting in a total market capitalization of 487.79 billion CNY [1] - Zhongji Xuchuang, established on June 27, 2005, and listed on April 10, 2012, is located in Longkou City, Shandong Province. The company specializes in the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The main business revenue composition of Zhongji Xuchuang includes optical communication transceiver modules at 97.58%, automotive electronics at 1.74%, and optical components at 0.67% [1] Group 2 - From the perspective of fund holdings, Hengyue Fund has one fund heavily invested in Zhongji Xuchuang. The Hengyue Advantage Selected Mixed Fund (011815) reduced its holdings by 18,200 shares in the third quarter, holding 26,100 shares, which accounts for 4.29% of the fund's net value, ranking as the ninth largest holding [2] - The Hengyue Advantage Selected Mixed Fund (011815), established on March 30, 2021, has a current size of 246 million CNY. It has achieved a return of 125.12% this year, ranking 3rd out of 8,209 in its category, and a return of 129.98% over the past year, ranking 3rd out of 8,129 [2] - The fund manager of Hengyue Advantage Selected Mixed Fund (011815) is Wu Haining, who has been in the position for 2 years and 233 days, with the fund's total asset size at 262 million CNY. The best return during his tenure is 71.94%, while the worst return is -42.19% [2]

Group 1 - The core point of the news is the performance of Zhongji Xuchuang, which saw a decline of 5.04% in its stock price, reaching 456.74 CNY per share, with a total market capitalization of 507.49 billion CNY [1] - Zhongji Xuchuang specializes in the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment, with 97.58% of its revenue coming from optical communication transceiver modules [1] - The company is located in Longkou City, Shandong Province, and was established on June 27, 2005, with its listing date on April 10, 2012 [1] Group 2 - Pengyang Fund has a significant holding in Zhongji Xuchuang, with its Pengyang CSI Sci-Tech Innovation 50 ETF reducing its stake by 10.84 thousand shares in the third quarter, now holding 41.73 thousand shares, which represents 8.27% of the fund's net value [2] - The fund has experienced a floating loss of approximately 10.12 million CNY due to the stock's performance [2] - The Pengyang CSI Sci-Tech Innovation 50 ETF was established on October 26, 2022, with a current size of 2.037 billion CNY and has achieved a year-to-date return of 60.93% [2]

Group 1 - The core point of the article highlights the recent performance of Zhongji Xuchuang, which saw a 5.03% increase in stock price, reaching 491.60 yuan per share, with a trading volume of 18.348 billion yuan and a turnover rate of 3.54%, resulting in a total market capitalization of 546.226 billion yuan [1] - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, established on June 27, 2005, and listed on April 10, 2012. The company's main business involves the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The revenue composition of Zhongji Xuchuang is primarily from optical communication transceiver modules, accounting for 97.58%, followed by automotive electronics at 1.74%, and optical components at 0.67% [1] Group 2 - From the perspective of major fund holdings, data shows that Su Xin Fund has a significant position in Zhongji Xuchuang, with the Su Xin CSI A500 Index Enhanced A (023347) holding 4,600 shares, representing 1.45% of the fund's net value, making it the seventh-largest holding [2] - The Su Xin CSI A500 Index Enhanced A (023347) was established on March 4, 2025, with a latest scale of 64.9851 million yuan and has achieved a return of 26.3% since inception [2] - The fund manager, Lin Maozheng, has been in position for 318 days, managing total assets of 535 million yuan, with the best fund return during his tenure being 36.58% and the worst being 0.02% [2]

Core Points - The stock of Zhongji Xuchuang fell by 5.03% on November 11, closing at 465.33 yuan per share with a trading volume of 12.017 billion yuan and a turnover rate of 2.25%, resulting in a total market capitalization of 517.037 billion yuan [1] Company Overview - Zhongji Xuchuang Co., Ltd. is located in Zhuyouguan Town, Longkou City, Shandong Province, established on June 27, 2005, and listed on April 10, 2012 [1] - The company's main business includes the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The revenue composition of the company is as follows: optical communication transceiver modules account for 97.58%, automotive electronics 1.74%, and optical components 0.67% [1] Fund Holdings - According to data from the top ten heavy stocks of funds, one fund under Zhongtai Securities Asset Management holds Zhongji Xuchuang as a significant position [2] - The Zhongtai CSI 300 Quantitative Enhanced A Fund (012206) held 2,780 shares of Zhongji Xuchuang in the third quarter, accounting for 1.81% of the fund's net value, ranking as the fourth-largest heavy stock [2] - The fund was established on July 5, 2021, with a latest scale of 35.6978 million yuan, achieving a year-to-date return of 17.9% and a one-year return of 13.18% [2]

Core Insights - Zhongji Xuchuang's stock price decreased by 5.03% to 465.33 CNY per share, with a trading volume of 11.98 billion CNY and a turnover rate of 2.24%, resulting in a total market capitalization of 517.04 billion CNY [1] Company Overview - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, established on June 27, 2005, and listed on April 10, 2012 [1] - The company's main business involves the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module equipment [1] - The revenue composition of the company is as follows: optical communication transceiver modules account for 97.58%, automotive electronics 1.74%, and optical components 0.67% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Ruida holds shares in Zhongji Xuchuang [2] - Ruida Advanced Manufacturing Mixed Fund A (018226) held 2,900 shares in Zhongji Xuchuang, representing 3.45% of the fund's net value, ranking as the tenth largest holding [2] - The fund has experienced a floating loss of approximately 71,500 CNY today [2] - Ruida Advanced Manufacturing Mixed Fund A was established on April 14, 2023, with a latest scale of 15.18 million CNY, and has achieved a year-to-date return of 45.8%, ranking 1374 out of 8147 in its category [2] - Over the past year, the fund has returned 39.61%, ranking 1220 out of 8056, and since inception, it has returned 40.62% [2] - The fund manager, Zhang Xiying, has been in position for 1 year and 183 days, with total assets under management of 108 million CNY, achieving a best return of 97.45% and a worst return of 3.16% during the tenure [2]

Core Viewpoint - Zhongji Xuchuang experienced a decline of 5.04% on November 10, with a stock price of 465.34 CNY per share and a total market capitalization of 517.05 billion CNY [1] Company Overview - Zhongji Xuchuang Co., Ltd. is located in Longkou City, Shandong Province, established on June 27, 2005, and listed on April 10, 2012 [1] - The company's main business includes the research, design, manufacturing, sales, and service of motor stator winding equipment and optical module manufacturing [1] - Revenue composition: Optical communication transceiver modules account for 97.58%, automotive electronics 1.74%, and optical components 0.67% [1] Fund Holdings - A fund under Guotai Haitong Asset Management holds a significant position in Zhongji Xuchuang, specifically the Guotai Haitong Technology Innovation Selected Three-Month Holding Stock Initiation A (017209) [2] - In the third quarter, the fund reduced its holdings by 1,900 shares, retaining 800 shares, which represents 1.07% of the fund's net value, ranking it as the ninth largest holding [2] - The fund has a total scale of 19.65 million CNY and has achieved a year-to-date return of 41.67%, ranking 1038 out of 4216 in its category [2] Fund Manager Performance - The fund manager, Liu Sheng, has been in position for 1 year and 82 days, with total assets under management of 4.32 billion CNY [2] - During Liu Sheng's tenure, the best fund return was 86.47%, while the worst was -1.52% [2]