点击注册小程序 查看完整报告 特别申明： 产品特性：消费品中电动工具、手动工具、割草机以欧美高端消费为主。 2025年1-10月，电动工具、手工工具、草坪割草机出口金额累计同比增速分别为-0.4%、-6%、37%，其中2025 年10月出口同比增速分别为-17%、-16%、-15%，增速环比变动-21pct、-16pct、-26pct。近年来，受全球关税 扰动等影响，越来越多企业在东南亚等地新增产能以满足海外订单，因此国内海关统计的机械出口金额同比有 所下降，同时，10月份消费品出口同比增速边际回落明显主要因同比高基数影响以及日历效应对出口数据造成 扰动，2025年10月工作日较2024年10月少1天，若按日均出口额看，10月电动工具、手工工具、草坪割草机出 口金额同比增速分别为-12%、-11%、-11%。 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容 ...

英大灵活配置A（001270）基金经理为张大铮、刘宇斌、霍达。 截至发稿，张大铮累计任职时间5年326天，现任基金资产总规模219.64亿元，任职期间最佳基金回报 70.21%， 任职期间最差基金回报3.73%。 11月25日，中坚科技涨5.28%，截至发稿，报112.29元/股，成交3.75亿元，换手率2.05%，总市值207.51 亿元。 资料显示，浙江中坚科技股份有限公司位于浙江省永康市经济开发区名园北大道155号，成立日期1997 年12月10日，上市日期2015年12月9日，公司主营业务涉及园林机械及便携式数码发电机的研发、设 计、制造及销售。主营业务收入构成为：割草机56.61%，链锯14.72%，割灌机13.21%，其他11.23%， 配件及其他业务4.23%。 从基金十大重仓股角度 数据显示，英大基金旗下1只基金重仓中坚科技。英大灵活配置A（001270）三季度持有股数2.1万股， 占基金净值比例为5.04%，位居第五大重仓股。根据测算，今日浮盈赚取约11.85万元。 英大灵活配置A（001270）成立日期2015年5月7日，最新规模171.26万。今年以来收益10.13%，同类排 名5331 ...

2025 年 11 月 25 日 行业研究 同比高基数及日历效应拖累十月机械出口数据 ——机械行业海关总署出口月报（十七） 机械行业 买入（维持） 作者 分析师：黄帅斌 执业证书编号：S0930520080005 0755-23915357 huangshuaibin@ebscn.com 分析师：庄晓波 执业证书编号：S0930524070018 0755-25310400 zhuangxiaobo@ebscn.com 行业与沪深 300 指数对比图 -10% 0% 10% 20% 30% 40% 24/11 25/02 25/05 25/08 机械行业 沪深300 资料来源：Wind 要点 消费品： 产品特性：消费品中电动工具、手动工具、割草机以欧美高端消费为主。 2025 年 1-10 月，电动工具、手工工具、草坪割草机出口金额累计同比增速分别为 -0.4%、-6%、37%，其中 2025 年 10 月出口同比增速分别为-17%、-16%、-15%， 增速环比变动-21pct、-16pct、-26pct。近年来，受全球关税扰动等影响，越来越 多企业在东南亚等地新增产能以满足海外订单，因此国内海关统计的机械 ...

针对上述反倾销调查，大叶股份将采用以下应对措施积极应对：经过公司多年国际化运营已经基本完成全球生产战略布局和供应链布局，公司将调整境外 生产基地的生产结构，整合公司内外部生产资源，以有效应对欧盟反倾销对公司割草机器人板块业务的影响。 同时，公司已于今年2月完成了德国子公司AL-KOGerr te GmbH（以下简称"AL-KO"）的收购工作，增加了奥地利生产基地，上述割草机器人产品的研 发、生产、制造、销售可通过AL-KO公司在当地直接运营。 大叶股份提示，本次对中国割草机器人的反倾销尚处于调查阶段，对公司生产、经营的影响存在不确定性。公司将继续保持关注，坚决维护公司及全体股 东的合法权益，并根据法律法规的有关规定及时履行信息披露义务。 资料显示，宁波大叶园林设备股份有限公司于2020年9月1日在深圳证券交易所上市，公司的主营业务是割草机、打草机/割灌机、其他动力机械及配件的 研发设计、生产制造和销售。 上市后，大叶股份净利润呈明显波动态势，今年上半年大幅增长，但第三季度却陷入亏损境地。2020年至2024年，公司归母净利润分别为0.77亿元、0.56 亿元、0.11亿元、-1.75亿元、0.16亿元。 11 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3][59] Core Insights - The company achieved a net profit of 252 million yuan in Q3 2025, representing a year-on-year growth of 131%. For the first three quarters of 2025, revenue reached 9.639 billion yuan, up 30.17% year-on-year, with a net profit of 758 million yuan, an increase of 93.70% [1][8] - The company is actively expanding into the low-altitude economy, focusing on three strategic emerging areas: aviation power, new energy, and high-end components, while solidifying its leadership in traditional sectors like general machinery and motorcycle engines [2][59] Financial Performance - In Q3 2025, the company reported a revenue of 2.946 billion yuan, a year-on-year increase of 13.68%, and a net profit of 252 million yuan, up 130.65% year-on-year. The net profit margin improved by 4.4 percentage points year-on-year, reaching 9.1% [1][13] - The company’s gross margin for Q3 2025 was 15.1%, showing a year-on-year increase of 0.3 percentage points [13][20] Revenue and Profit Forecast - The company forecasts revenues of 13.411 billion yuan, 16.127 billion yuan, and 18.727 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 1.007 billion yuan, 1.187 billion yuan, and 1.369 billion yuan for the same years [3][4][59] Business Segments - The company operates in several key segments: 1. **General Machinery**: The company’s subsidiaries are leaders in the general machinery sector, achieving a revenue of 3.647 billion yuan in H1 2025, a 73.06% increase year-on-year [30] 2. **Motorcycle Engines**: The motorcycle engine segment generated a revenue of 2.330 billion yuan in H1 2025, reflecting a 14.39% year-on-year growth [34] 3. **Aviation Power**: The company has developed a product line focused on small and medium-sized aviation piston engines, with significant advancements in certification processes for its CA500 engine [39][40] 4. **New Energy**: The company is expanding its new energy business, focusing on electric drive systems and energy storage solutions, with a strong emphasis on market penetration and technological innovation [45][49] Strategic Focus - The company aims to transition from traditional manufacturing to a digital, technological, and intelligent power system integration service provider, enhancing its competitive edge in both traditional and emerging markets [57][58]

据 QYResearch 调研团队最新报告"全球园林工具市场报告"显示，预计 2030 年全球园林工具市场规模将达到 349 亿美元，未来几年年复合增 长率 CAGR 为 4.3% 。 受环保意识增强、家庭园艺文化兴起以及智能电池驱动设备普及的推动，园林工具市场预计将保持稳步增长。技术集成和人体工程学设计的 改进将继续吸引住宅用户和专业用户。随着可持续发展和城市绿化趋势在全球范围内的扩展，对环保耐用工具的需求也将不断增长。亚太地 区正在崛起为重要的制造和消费中心，而欧洲和北美则在创新和高端工具应用方面处于领先地位。总体而言，生活方式的转变和技术的进步 为市场提供了强劲的潜力。 园林工具 ，全球市场总体规模 全球 园林工具 市场生产商排名及市场占有率 （基于 2024 年调研数据；目前最新数据以本公司最新调研数据为准） 根据 QYResearch 头部企业研究中心调研，全球范围内园林工具生产商主要包括 Husqvarna 、 Stihl 、 Toro 、 John Deere 、 MTD 、 Stanley Black & Decker 、 Bosch 、 Honda 、泉峰控股、 TTI 等。 2024 年， ...

Core Viewpoint - Deere & Company is viewed positively by Jim Cramer, who emphasizes the company's resilience and the consistent demand for its products due to government support for farmers [1] Company Overview - Deere & Company (NYSE:DE) manufactures and distributes a range of equipment including agricultural, turf, construction, and forestry machinery [1] - The product lineup includes tractors, harvesters, mowers, loaders, and road-building machinery [1] Financial Performance - Despite a significant increase in stock price over the past 12 months, the company's financial results have not been particularly strong [1] - The company's performance has consistently exceeded market expectations, even when absolute numbers have been poor [1] Market Dynamics - Deere's business is heavily influenced by the agriculture market, which is subject to external factors beyond the company's control [1]

Core Viewpoint - Zhongjian Technology's stock has shown significant volatility, with a year-to-date increase of 151.91%, but recent declines in the short term raise questions about future performance [1][2]. Group 1: Stock Performance - As of November 13, Zhongjian Technology's stock price was 122.16 CNY per share, with a market capitalization of 22.575 billion CNY [1]. - The stock has experienced a 2.01% decline over the last five trading days and an 8.84% decline over the last 20 days, while it has increased by 15.91% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on May 12, where it recorded a net buy of 153 million CNY [1]. Group 2: Company Overview - Zhongjian Technology, established on December 10, 1997, and listed on December 9, 2015, specializes in the research, design, manufacturing, and sales of garden machinery and portable digital generators [2]. - The company's revenue composition includes lawn mowers (56.61%), chainsaws (14.72%), brush cutters (13.21%), and other products (11.23%) [2]. - As of September 30, 2025, the company had 18,500 shareholders, a decrease of 36.12%, with an average of 8,946 circulating shares per shareholder, an increase of 56.56% [2]. Group 3: Financial Performance - For the period from January to September 2025, Zhongjian Technology reported a revenue of 649 million CNY, reflecting a year-on-year growth of 4.45%, while the net profit attributable to shareholders was 22.499 million CNY, a decrease of 43.60% year-on-year [2]. - The company has distributed a total of 68.596 million CNY in dividends since its A-share listing, with 39.864 million CNY distributed over the last three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the fourth largest circulating shareholder is Penghua Carbon Neutral Theme Mixed A, holding 4.7837 million shares, a decrease of 1.3289 million shares from the previous period [3]. - Morgan Emerging Power Mixed A Class is the eighth largest shareholder, increasing its holdings by 249,900 shares to 1.9966 million shares [3]. - Hong Kong Central Clearing Limited is a new shareholder, holding 1.9562 million shares [3].

Core Viewpoint - Anker Innovations plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy, competitiveness, and brand influence in international capital markets [1][3]. Group 1: Company Overview - Anker Innovations, established in 2011, capitalized on the cross-border e-commerce trend by selling power banks on platforms like Amazon, leading to significant brand recognition [3]. - The company became known as the "power bank king" after its listing on the Shenzhen Stock Exchange in August 2020 [3]. - Anker has established a strong presence in overseas markets, with 96.5% of its revenue coming from international sales in the first three quarters of 2025 [1][3]. Group 2: Financial Performance - In the first three quarters of 2025, Anker achieved a total revenue of 210.19 billion yuan, a year-on-year increase of 27.79%, with a net profit of 19.33 billion yuan, up 31.34% [6]. - The company’s revenue from overseas markets for 2023 and 2024 is projected to be 96.36% and 96.42%, respectively [3]. - Online sales contributed 143.96 billion yuan, growing 25.22%, while offline sales reached 66.23 billion yuan, increasing by 33.76% [6]. Group 3: Product and Market Strategy - Anker is expanding its product range beyond power banks, focusing on smart electricity, smart home automation, and smart audio, among other areas [5]. - The company has established partnerships with major retailers in North America and is expanding its presence in Europe, Japan, Southeast Asia, and South America [3]. Group 4: Challenges and Recalls - Anker is currently facing a recall issue, having recalled over 2 million power banks globally due to safety concerns related to battery risks [2][4]. - The recalls include significant numbers in both the Chinese and U.S. markets, which may lead to economic losses for the company [4]. Group 5: Research and Development - Anker is committed to increasing its R&D investment, with 7.51 billion yuan spent in the third quarter of 2025, a 24.72% increase year-on-year [7]. - The company is also focusing on enhancing its brand and user engagement, with sales expenses reaching 18.72 billion yuan, up 25.13% [7]. - Anker is advancing its robotics initiatives, including the development of basic and advanced robotic products, with ongoing recruitment of high-end talent [7].

Group 1 - The company, Anker Innovations, announced plans to issue shares overseas (H-shares) and apply for a listing on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness [1][2] - The company will consider the interests of existing shareholders and market conditions, aiming to complete the issuance and listing within 24 months of the shareholders' meeting resolution [2] - Anker Innovations reported a revenue of 21.019 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 27.79%, and a net profit of 1.933 billion yuan, up 31.34% year-on-year [3] Group 2 - The company is advancing its research and development in embodied intelligence, focusing on both two-dimensional basic robots and three-dimensional mobile robots, with ongoing efforts to enhance user experience and technology [4] - Anker Innovations has established a stable commercial scale in two-dimensional robots like vacuum cleaners and lawn mowers, while also initiating technical research for three-dimensional robots such as robotic dogs and drones [4] - The company is actively recruiting high-end talent in computing power, algorithms, and hardware to strengthen its team in line with strategic needs and research development pace [4]