Investment Rating - The report suggests a positive outlook for the high-end equipment manufacturing industry in China, emphasizing a "dual-driven" growth model characterized by strong domestic demand and robust international expansion [3][5]. Core Insights - The high-end equipment industry in China is experiencing a structural transformation, with a focus on technological advancements and brand development, leading to increased global market share [3]. - The report highlights two main investment themes: the technological self-reliance driven by AI and the deepening international expansion of Chinese equipment manufacturers [4][5]. - Key sectors to watch include gas turbines, industrial mother machines, controlled nuclear fusion, quantum computing, robotics, and 3D printing, which are expected to drive future growth [4][41]. Summary by Sections Domestic Manufacturing and Investment - Manufacturing investment in China is under short-term pressure, but high-end manufacturing and equipment sectors are emerging as growth engines, with a 1.9% year-on-year increase in manufacturing fixed asset investment [15][19]. - The report notes that high-tech manufacturing and equipment manufacturing sectors maintain high levels of activity despite overall investment slowdowns [15][22]. Export Performance - China's high-end equipment exports are performing well, driven by the global AI investment boom and recovery in demand from developed markets [28][31]. - In the first ten months of 2025, China's exports of electromechanical products reached 13.43 trillion yuan, marking an 8.7% year-on-year increase [28][31]. Technological Self-Reliance - The report emphasizes the importance of technological self-reliance, particularly in sectors like gas turbines and quantum computing, which are expected to see significant growth due to increasing global demand [4][48]. - The global gas turbine market is projected to grow significantly, with sales expected to rise from 44.1 GW in 2023 to an average of 60 GW from 2024 to 2026, reflecting a 36% increase [49][50]. International Expansion - Chinese equipment manufacturers are poised for further international growth, particularly in emerging markets, with sectors like engineering machinery and agricultural equipment expected to see substantial export growth [5][41]. - The report highlights the potential for Chinese companies in the oil and gas equipment sector, particularly in the Middle East, where demand is expected to rise significantly [5][13].

Core Logic - The company is accelerating its growth attributes through controllable nuclear fusion, quantum computing, and commercial aerospace. It has established partnerships with leading firms like Anhui Fusion New Energy and is continuously winning orders in controllable nuclear fusion, indicating a significant growth potential [1] - In quantum computing, the company has signed a cooperation agreement with Zhejiang University to focus on advanced fields such as "deep low temperature + advanced computing" and "industrial gases + AI models" [1] - In commercial aerospace, the company has won a bid for a large liquid oxygen tank construction project at a launch site, following its previous provision of liquid hydrogen storage tanks, showcasing its capabilities in high-precision low-temperature storage equipment [1] Industry Outlook - The company is positioned as a leading player in the industrial gas sector, benefiting from both cyclical and growth attributes. The industry is currently at the bottom of the cycle, with expectations for a performance turnaround in the future. The company is accelerating its layout in controllable nuclear fusion and other fields, opening up a second growth curve [1][2] Market Segments - Pipeline gas is characterized by its defensive attributes, showing stable growth with minimal impact from macroeconomic fluctuations. The company is expected to increase its market share in the third-party stock market to 30-40% by 2021, contributing to long-term performance growth [2] - Retail gas represents the company's offensive attributes, with potential for significant performance elasticity as gas prices are currently at historical lows. Economic recovery could drive gas price increases, enhancing the performance of retail gas [2] - The controllable nuclear fusion equipment, quantum computing, and commercial aerospace sectors present substantial future market opportunities, creating a second growth engine for the company [2] Profit Forecast and Valuation - The company's projected net profit attributable to shareholders for 2025-2027 is estimated at 1.07 billion, 1.30 billion, and 1.51 billion yuan, with year-on-year growth rates of 16%, 22%, and 17% respectively. The corresponding price-to-earnings ratios are 26, 21, and 18 times [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leading player in the Chinese industrial gas sector, characterized by both "cyclical and growth" attributes, with a potential upward inflection in performance as the gas industry is at the bottom of the cycle. The acceleration into controllable nuclear fusion opens a second growth curve [1] - The market perceives uncertainty in the company's performance growth due to macroeconomic pressures, but the report anticipates a recovery in gas prices by 2025, with significant potential for performance elasticity if the macro economy rebounds [1][2] - The company is expected to benefit from stable growth in pipeline gas, which is less affected by macroeconomic fluctuations, and has a solid foundation for future growth with a projected cumulative signing volume of 3.5 million Nm³/h in 2024, an increase of 8.6% year-on-year [2] - Retail gas is viewed as an offensive attribute, with current gas prices at historical lows, and potential for significant performance elasticity if the economy recovers. The company is also developing new growth points in electronic specialty gases [3] - The controllable nuclear fusion equipment market presents a large future market space, with the company already winning bids for low-temperature nitrogen systems, showcasing its technical strength [3] Summary by Relevant Sections Pipeline Gas - The company's pipeline gas segment is characterized by its defensive nature, showing stable growth with minimal impact from macroeconomic fluctuations. The projected signing volume for 2024 is 3.5 million Nm³/h, reflecting an 8.6% year-on-year increase, ensuring steady growth in pipeline gas volume [2] Retail Gas - The retail gas segment is seen as an aggressive growth area, with current gas prices at 469 RMB/ton, a 1.5% year-on-year increase, but down 76% from the peak in 2021. If the macro economy recovers, retail gas could provide substantial performance elasticity [3] Controllable Nuclear Fusion Equipment - The controllable nuclear fusion equipment sector is expected to open a second growth avenue for the company, with significant market potential. The company has already secured contracts for low-temperature nitrogen systems, indicating strong technical capabilities [3][17] Financial Forecasts - The company is projected to achieve net profits of 1.067 billion RMB, 1.298 billion RMB, and 1.513 billion RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 22%, and 17% [10][12]

证券研究报告 行业研究 / 行业点评 2025 年 11 月 24 日 机械设备 人形机器人：产业链协同开启规模化时代 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《可控核聚变产业数据跟踪（二）：7.3 亿低温 系统招标，聚变产业化驶入快车道》 2025-11-19 《智能制造行业周报：人形机器人整机厂正加 速资本化进程》2025-11-17 《智能制造行业周报：看好 SoC 测试设备在 先进制程与端侧 AI 渗透带动下加速放量》 2025-11-10 《智能制造行业周报：关注核聚变冷端演进， 深冷系统厂商迎来切入机遇》2025-11-03 《智能制造行业周报：Optimus 量产节奏调整， 关注前臂与手部集成演进的增量机会》 2025-10-27 证券分析师 王凯 S0820524120002 021-32229888-25522 wangkai526@ajzq.com 行业及产业 ——智能制造行业周报（2025/11/17-2025/11/21） 强于大市 投资要点： 本周（2025/11/17-2025/11/21）沪深 300 指数-3.77%，其中机械 ...

Investment Rating - The report rates the industry as "stronger than the market" [2] Core Insights - The humanoid robot manufacturers are accelerating their capitalization process, with leading companies optimizing their capital structures to lay the foundation for large-scale production and resource integration [4] - The semiconductor equipment sector is experiencing increased demand elasticity due to the evolution of storage chips towards higher layers and more complex 3D structures, which raises process difficulty and yield pressure [4] - The report suggests focusing on key component suppliers for humanoid robots and domestic equipment suppliers for thin film deposition and storage testing [4] Summary by Sections Mechanical Equipment Sector - The mechanical equipment sector underperformed the CSI 300 index, with a decline of 2.22% compared to the index's drop of 1.08% during the week of November 10-14, 2025 [8][10] - The best-performing sub-sector was abrasives and grinding materials, which increased by 3.38% [8][10] - The overall PE-TTM valuation for the mechanical equipment sector decreased by 1.48%, with the highest increases in PE-TTM seen in abrasives and grinding materials (+8.48%), general automation (+2.09%), and rail transportation III (+1.01%) [16] Humanoid Robots - Leading humanoid robot manufacturers are advancing product cost reduction and channel expansion, accelerating the pace of commercialization [4] - Yushutech has completed its IPO counseling and plans to submit its IPO application between October and December 2025 [4] - ZhiYuan Robotics has completed its shareholding reform and is in the process of acquiring a 63.62% stake in Shangwei New Materials [4] Semiconductor Equipment - The demand for thin film deposition and storage testing equipment is expected to rise significantly due to the increasing complexity of structures in semiconductor manufacturing [4] - Micro-Guide Nano's equipment has achieved large-scale application in domestic storage chip production lines, with over 80% of new orders coming from leading NAND and DRAM customers [4] - The report highlights the importance of wafer testing and product reliability verification, predicting a notable increase in demand for related equipment [4] Controlled Nuclear Fusion - The report notes significant advancements in the controlled nuclear fusion sector, particularly with the successful development of diagnostic tools for plasma contact diagnostics [4] - The tungsten-based Langmuir probe developed by the West Institute has passed the final design review for ITER, marking a critical achievement in the field [4]

格隆汇10月20日丨精锻科技(300258.SZ)在互动平台表示，当前公司产品与可控核聚变设备没有直接业 务联系。 ...

Investment Rating - The report rates the mechanical equipment industry as "Outperform" compared to the market [3][5]. Core Insights - The mechanical equipment sector has shown resilience, with a slight decline of 0.26% compared to the 0.51% drop in the CSI 300 index during the week of October 6-10, 2025 [3][11]. - The semiconductor equipment market is shifting focus from individual equipment breakthroughs to providing comprehensive solutions for advanced processes, with significant growth expected in the 300mm wafer fab equipment spending, projected to exceed $100 billion in 2025, marking a 7% increase [6]. - The humanoid robot market is accelerating commercialization, with advancements in AI and modular design aimed at reducing costs and enhancing production feasibility [6]. - The controlled nuclear fusion sector is transitioning from experimental validation to engineering, with key equipment demand expected to rise as core systems are installed [6]. Summary by Sections Industry Performance - The mechanical equipment sector ranked 19th out of 31 in the Shenwan industry rankings, with the best-performing sub-sector being rail transit equipment, which increased by 2.81% [3][11]. - The overall PE-TTM valuation for the mechanical equipment sector is 38.2x, with the highest valuations in robotics (196.9x) and other automation (157.4x) [19][20]. Investment Recommendations - Focus on platform semiconductor equipment manufacturers that are expanding their product lines and integrating processes to benefit from the trend of shortened customer validation cycles and enhanced procurement [5]. - Attention is recommended for leading robot manufacturers that are reducing costs and expanding channels, particularly core component suppliers [5]. - In the nuclear fusion industry, investment should target companies with clear performance delivery and established customer integration, as they are likely to maintain advantages in future project phases [5]. Key Industry Data - The manufacturing PMI for September was reported at 49.8, indicating contraction [27]. - The PPI for all industrial products in August showed a year-on-year decline of 2.9% [27].

Group 1 - The article emphasizes the importance of timely and professional information interpretation in investment decision-making [1] - It highlights the company's expertise in identifying investment value from significant events, analyzing industry chain companies, and interpreting key policies [1] - The company has developed nuclear flexible shielding materials and protective clothing products, and its controllable nuclear fusion equipment has been validated [1] Group 2 - The company provides various products for all nuclear power projects in China, indicating a strong position in the nuclear energy sector [1] - It has developed dozens of varieties for domestic aviation engines, showcasing its capabilities in the aerospace industry [1] - Key clients include major players such as China National Nuclear Corporation, China General Nuclear Power Group, and Safran, reflecting the company's robust client base [1]