[Table_Reportdate] 2026年01月08日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.部分出口链公司发布年报预增公告——机械设备行业周报（20251229-20260104） ➢ 2.公募费改三阶段全面落地，差异化安排持续优化行业生态——资本市场聚焦（十二） ➢ 1.美国2025年12月ISM非制造业PMI为54.4 ➢ 2.工信部等八部门印发《"人工智能+制造"专项行动实施意见》 ➢ 3.欧元区2025年12月CPI初值同比升2.0% ➢ 4.美国2025年12月ADP就业人数增4.1万人 ➢ 5.央行开展11000亿元买断式逆回购 [晨会纪要 Table_NewTitle] 20260108 [table_ ...

Investment Rating - The report assigns an "Overweight" rating to the mechanical equipment industry, indicating a positive outlook for the sector relative to the broader market [1]. Core Insights - The report highlights active mergers and acquisitions in the industry, focusing on global expansion and cutting-edge cooling technologies, particularly in the refrigeration equipment sector [3]. - Companies like Juxing Technology and Taotao Automotive are expected to see significant profit growth in 2025, driven by market demand and operational efficiency improvements [9][10]. - Siemens is undergoing a strategic transformation towards digitalization and industrial AI, with a strong performance forecast and an increased revenue growth target [12][13]. - The demand for cooling solutions in data centers is rising, with a focus on energy efficiency and advanced cooling technologies such as magnetic levitation compressors [23][25]. Summary by Sections 1. Annual Performance Forecast - Juxing Technology anticipates a net profit of 2.419 to 2.764 billion yuan for 2025, representing a year-on-year growth of 5% to 20% [9]. - Taotao Automotive expects a net profit of 800 to 850 million yuan, with a growth of 85.5% to 97.1% year-on-year, attributed to market focus and overseas capacity expansion [10]. - Ding Tai High-Tech forecasts a net profit of 410 to 460 million yuan, driven by the booming AI industry and high-end PCB market demand [11]. 2. Automation Leader Tracking - Siemens reported a record net income of 10.4 billion euros for the 2025 fiscal year, a 16% increase, and has raised its mid-term revenue growth target to 6%-9% [12]. - The company aims to double its digital business by 2030, with an expected annual growth rate of 15% [12][13]. 3. Refrigeration Equipment - The report emphasizes the growing cooling demand from data centers, highlighting the importance of energy efficiency and advanced cooling solutions [23]. - Magnetic levitation compressors are gaining traction due to their efficiency and low maintenance costs, particularly in data center applications [25][27]. - Companies like Danfoss and Hanzhong Precision are positioned to benefit from the increasing demand for advanced cooling technologies in the data center sector [28][29]. 4. Market Review - The mechanical equipment sector outperformed the broader market, with a 1.32% increase compared to a 0.59% decline in the CSI 300 index [32].

Investment Rating - The report assigns an "Overweight" rating for the mechanical equipment industry, indicating a positive outlook compared to the broader market index [1]. Core Insights - The report emphasizes the increasing importance of embodied intelligent robots in both policy and research sectors, with a focus on commercial deployment and large-scale manufacturing [3][17]. - The "Shanghai Intelligent Terminal Industry High-Quality Development Action Plan (2026-2027)" has been released, aiming for the industry to exceed 300 billion yuan by 2027 and to cultivate globally influential consumer brands [3][18]. - The report highlights significant advancements in humanoid robots, including the launch of new products and procurement contracts, indicating a robust growth trajectory in the sector [19][20]. Summary by Sections Company Announcements - Inveke reported a revenue of 4.026 billion yuan for the first three quarters of 2025, a year-on-year increase of 40.19% [11]. - Huace Testing anticipates a net profit growth of 8.26%-9.51% for the same period, driven by service upgrades and innovation [12]. - Linyi Zhizhao expects a net profit of 1.890 billion to 2.120 billion yuan, reflecting a growth of 34.10%-50.42% [13]. Robotics Industry Dynamics - The report notes a heightened focus on the commercialization of embodied intelligent robots, with significant R&D activity expected to drive industry growth [17]. - The introduction of the Zhiyuan Spirit G2 robot, designed for industrial applications, showcases advancements in operational capabilities and precision [19]. - The Figure03 humanoid robot has been launched, featuring enhanced sensory and operational capabilities, indicating a shift towards practical applications in everyday environments [20][21]. Industrial Automation - Siemens is actively expanding its industrial software capabilities through multiple acquisitions, enhancing its position in the digital industrial software market [23][24]. - Domestic leaders are integrating AI into industrial automation, with companies like Huichuan Technology and Zhongkong Technology making strides in software development for smart manufacturing [29][30]. Market Review - The report notes a decline in the mechanical equipment sector, with a drop of 5.84%, underperforming the broader market index [30].