1）日联科技 公司是国内领先的工业 X 射线智能检测设备及核心部件供应商，在 核心部件、AI 软件、检测设备等方面建立了核心技术壁垒。2025 年 上半年公司新签订单同比增长近一倍，前三季度收入同比增长 44.0 1%，归母净利润同比增长 18.83%，净利润增速不及收入增速主要因 新增生产基地建设、股份支付等费用的影响。看好公司后续订单向收 入转化、费用影响减弱后的利润弹性释放。 2）康斯特 商业航天加速发展，AI 基建景气持续 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2026 年 01 月 11 日 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 机械设备 投资评级 看好 上次评级 看好 [Table_Author] 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui1@cindasc.com [Table_Author] 韩冰 机械行业分析师 执业编号：S1500523100001 邮 箱：hanbing1@cindasc.com 信达证券股份 ...

另一方面，目标公司分析型晶圆探针台兼容高引脚密度(可直接对接8000个以上引脚，远超Thermo Fisher2000个以内的数量)和超高速测试(约8Gbps，远超Thermo Fisher和Hamamatsu产品小于100Mbps的 水平)，能够适应复杂芯片测试场景，提升检测效率。这一技术优势使其在高端检测市场竞争中脱颖而 出，吸引对半导体检测性能要求较高的客户群体。 此次收购交易对方还做出了业绩承诺，承诺从2026年起至2028年，每年将实现平均税后利润不低于1140 万元新币(折合人民币约6270万元)，一旦目标公司完成或超过对赌业绩，将显著增厚日联科技的业绩。 目前，日联科技聚焦于工业X射线智能检测设备的生产、制造、销售与服务，在半导体和电子制造、新 能源电池、铸件焊件以及食品异物等细分领域均有应用。 最新披露的公告显示，2026年1月8日，新加坡瑞泰已按照协议约定支付本次交易的股权收购款，并取得 SSTI66%股权，本次股权交割已完成。 日联科技(688531)收购国外高端半导体检测诊断与失效分析设备制造商事项，迎来交割时刻。 2025年10月底，日联科技宣布公司全资子公司新加坡瑞泰将使用自有资金4 ...

信达证券近日发布机械设备行业：11月挖机销量20027台，同比增长13.9%，其中内销9842台，同比增 长9.1%，出口10185台，同比增长18.8%，内销增速回升，外销持续快速增长。工程机械景气度从挖机 向非挖全面扩散，11月装载机销量11419台，同比增长32.10%，其中内销5631台，同比增长29.39%，保 持快速增长；出口5748台，同比增长34.80%。11月汽车起重机销量1536台，同比增长16.60%，连续三 个月正增长。 1）日联科技 公司是国内领先的工业X射线智能检测设备及核心部件供应商，在核心部件、AI软件、检测设备等方面 建立了核心技术壁垒。上半年公司新签订单同比增长近一倍，前三季度收入同比增长44.01%，归母净 利润同比增长18.83%，净利润增速不及收入增速主要因新增生产基地建设、股份支付等费用的影响。 看好公司后续订单向收入转化、费用影响减弱后的利润弹性释放。 2）康斯特 公司主要从事数字检测仪器仪表研发和销售，上半年受关税影响业绩承压，在非美市场订单加速分流至 新加坡运营中心的促进及国内市场收入加速确认驱动下，Q3单季度业绩出现向上拐点，营业收入、归 母净利润、扣非净利 ...

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report maintains a positive outlook on humanoid robots, AI infrastructure, and engineering machinery [2] - The demand for AI-related infrastructure remains strong, with significant investments expected in the sector [13] - The engineering machinery sector is showing signs of recovery, with increasing sales across various equipment types [12][63] Company Summaries 1) Rili Technology - Rili Technology is a leading supplier of industrial X-ray intelligent detection equipment and core components, establishing significant technological barriers [3] - The company saw a nearly 100% year-on-year increase in new orders in the first half of the year, with a 44.01% increase in revenue and an 18.83% increase in net profit for the first three quarters [3][14] - The profit growth is expected to improve as the impact of new production base construction and other costs diminishes [3] 2) Konstar - Konstar focuses on the research and sales of digital testing instruments, facing challenges due to tariffs [4] - The company reported a significant recovery in Q3, with revenue, net profit, and net profit excluding non-recurring items increasing by 22.24%, 30.66%, and 36.2% respectively [4][15] - The resilience of international business under tariff pressures and strong domestic performance are noted as positive indicators for future growth [4] 3) Newray Co., Ltd. - Newray's main products include hard alloys and tools, with Q3 revenue, net profit, and net profit excluding non-recurring items growing by 38.02%, 75.40%, and 94.83% respectively [5][16] - The company has successfully passed on rising raw material costs to downstream customers, enhancing profitability [5] Industry Trends - In November, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales up 9.1% and exports up 18.8% [12][63] - The demand for engineering machinery is expanding beyond excavators, with significant growth in loader and crane sales [12][70] - The AI infrastructure sector is expected to benefit from substantial investments, with companies like NVIDIA planning to deliver AI chips to Chinese clients [13][58] Recommendations - The report suggests focusing on the rapidly developing humanoid robot sector, the ongoing AI infrastructure boom, and the improving performance of engineering machinery and tool sectors [14][58]

无锡经开区夜景 作为兼具工商底蕴与现代制造实力的城市，无锡在2024年交出了一份亮眼的产业答卷——规上工业总产 值攀升至2.66万亿元，物联网、集成电路、生物医药等千亿级产业集群持续壮大、拔节生长。药明康 德、先导智能、长电科技等龙头企业，不仅是城市产业实力的象征，更如同强大的磁极，持续吸引着产 业链、资本链和创新链上的关键要素在此汇聚、扎根，形成了"雨林式"生态。 这一切的根基，是无锡打造的"465"现代产业体系。四大地标产业集群——物联网、集成电路、生物医 药、高端装备，构成无锡面向全球竞争的"主力方阵"，是城市最鲜明的产业名片。其中无锡物联网产业 集群获评国家首批先进制造业集群，也是物联网领域唯一的国家级先进制造业集群；无锡集成电路产业 先后获批国家集成电路设计产业化基地、国家微电子高技术产业基地、国家"芯火"双创基地等，始终位 列产业发展的"第一方阵"。六大优势产业集群，涵盖高端装备、新材料、新能源、汽车零部件等领域， 如同坚实的"中坚力量"，在各领域精耕细作、厚积薄发。而前瞻布局的"5+X"未来产业，如人工智能、 量子科技、低空经济等，则如充满潜能的"新生力量"，为无锡下一轮增长积蓄战略动能。 驱动 ...

证券时报记者 曾剑 近日，"第十九届上市公司价值论坛暨2025新质生产力巡礼宜宾行"在四川宜宾举办。在中泰证券研究所联席所长 王芳主持的圆桌对话环节，燕京啤酒董事长耿超、日联科技董事长刘骏、雅本化学董事长蔡彤、深圳瑞捷董事长 范文宏、梓橦宫董事长唐铣等展开对话，分享了他们对"新质生产力重塑企业价值"话题的经验和思考。 虽然五位董事长系来自不同领域的企业掌舵者，但他们的共识是，新质生产力正以磅礴之势，深刻且彻底地改变 着企业的成长逻辑，为企业发展开辟出全新的赛道；企业应充分使用正快速成长的AI工具，提升自我认知和能 力，把新质生产力转化为企业价值。 新质生产力赋能 高质量发展是全面建设社会主义现代化国家的首要任务。《中共中央关于制定国民经济和社会发展第十五个五年 规划的建议》中有十几次提到高质量发展。而发展新质生产力是推动高质量发展的内在要求和重要着力点，对于 企业而言也是如此。 耿超表示，对于消费行业而言，新质生产力可以赋能企业，助力提升核心竞争能力。赋能路径的核心在于通过系 统性升级、效率革命与价值重构，推动企业从单点突破转向生态化竞争。 一是企业通过自我检视，审视自身在技术、产品、管理创新上与新质生产力的 ...

信达证券近日发布机械设备行业周报：11月挖机销量20027台，同比增长13.9%，其中内销9842台，同 比增长9.1%，出口10185台，同比增长18.8%，内销增速回升，外销持续快速增长。工程机械景气度从 挖机向非挖全面扩散，11月装载机销量11419台，同比增长32.10%，其中内销5631台，同比增长 29.39%，保持快速增长；出口5748台，同比增长34.80%。 以下为研究报告摘要： 本期内容提要: 公司主要产品包括硬质合金、硬质合金工具（凿岩工具、切削工具），Q3收入、归母净利润、扣非净 利润分别增长38.02%、75.40%、94.83%。公司收入、利润增长加速，尤其是利润端表现亮眼，主要系 原材料价格上涨背景下，公司积极将下游传导，推动盈利水平提升。公司业务增长稳健，盈利能力有望 持续改善。 建议关注密集催化的人形机器人、景气持续的AI基建产业链，业绩向好的工程机械、流程工业、刀具 板块，及绩优个股： 1）日联科技 公司是国内领先的工业X射线智能检测设备及核心部件供应商，在核心部件、AI软件、检测设备等方面 建立了核心技术壁垒。上半年公司新签订单同比增长近一倍，前三季度收入同比增长44.0 ...

Investment Rating - The investment rating for the machinery equipment industry is optimistic [2] Core Views - The report highlights a positive outlook on humanoid robots, AI infrastructure, and process industries, indicating strong growth potential in these sectors [2][12] - The demand for AI-related infrastructure is expected to remain robust, driven by advancements in AI technology and government policies supporting the industry [12][62] - The report suggests focusing on companies with strong performance in the humanoid robot sector, AI infrastructure, engineering machinery, process industries, and cutting tools [13][57] Summary by Sections Company Insights - **Riyuan Technology**: The company is a leading supplier of industrial X-ray intelligent detection equipment, with a nearly 100% year-on-year increase in new orders and a 44.01% revenue growth in the first three quarters [3][13] - **Kangst**: The company specializes in digital detection instruments, showing resilience in international business despite tariff pressures, with a Q3 revenue growth of 22.24% [4][14] - **Xinxin Co., Ltd.**: The company reported a significant acceleration in profit growth, with a 75.40% increase in net profit in Q3, driven by effective cost management amid rising raw material prices [5][15] Industry Performance - The excavator sales in November reached 20,027 units, a year-on-year increase of 13.9%, indicating a recovery in the engineering machinery sector [12][62] - The demand for AI-related infrastructure continues to grow, supported by government policies and technological advancements, with significant benefits expected for the AIDC, liquid cooling, and PCB equipment sectors [12][62] - The report emphasizes the importance of monitoring the engineering machinery sector, which is showing signs of recovery, particularly in excavators and loaders [62][69] Market Trends - The manufacturing PMI in November was reported at 49.2%, indicating a slight recovery, primarily driven by export orders [25] - The report notes that the domestic manufacturing fixed asset investment growth has slowed, reflecting weaker downstream demand and external pressures [25][67] - The report highlights the ongoing support from government policies aimed at enhancing the industrial machinery sector, particularly in high-end machine tools and robotics [29][36]

Investment Rating - The investment rating for the machinery equipment industry is "Positive" [2] Core Views - The report highlights a significant growth in the sales of excavators and loaders, with excavator sales reaching 18,096 units in October, a year-on-year increase of 7.8%, and loader sales increasing by 27.7% [12][58] - The humanoid robot sector is experiencing rapid advancements, with companies like Xiaopeng and ZhiYuan launching new models aimed for mass production by 2026 [12][55] - The report emphasizes the resilience of companies like Rihuan Technology and Kangst, which have shown strong revenue growth despite external pressures [3][4][14] Summary by Sections 1. Company Highlights - Rihuan Technology, a leading supplier of industrial X-ray intelligent detection equipment, saw a nearly 100% increase in new orders year-on-year and a 44.01% revenue growth in the first three quarters [3] - Kangst, involved in digital detection instruments, reported a 22.24% increase in revenue and a 30.66% increase in net profit in Q3, demonstrating strong operational resilience [4][14] - Newrui Co., which produces hard alloys and tools, experienced a significant profit increase of 75.40% in Q3, driven by effective cost management amid rising raw material prices [5][15] 2. Industry Trends - The machinery sector is witnessing a broad recovery, with excavator and loader sales showing strong growth, indicating a positive trend in construction and infrastructure investment [12][58] - The humanoid robot market is set for significant growth, with advancements in technology and increasing investments from major companies [12][55] 3. Market Performance - The machinery index saw a slight decline of 0.25% last week, while other major indices like the Shanghai Composite Index increased by 1.08% [16] - The report notes that the machinery industry is experiencing varied performance across sub-sectors, with some segments like power distribution equipment showing strong gains [22] 4. Policy Support - Recent government policies are aimed at enhancing the industrial machinery sector, including support for high-end machine tools and automation technologies [28][35]

Group 1: Industry Overview - Excavator sales in September reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units (up 21.5%) and exports at 10,609 units (up 29.0) [1][2] - Loader sales in September totaled 10,530 units, showing a year-on-year growth of 30.5%, with domestic sales at 5,051 units (up 25.58%) and exports at 5,479 units (up 35.3%) [1][2] - Sales of truck cranes in September were 1,561 units, reflecting a year-on-year increase of 21.9%, indicating a positive growth trend in the construction machinery sector [1][2] Group 2: Robotics and Technology - The domestic humanoid robot industry is advancing, with Zhiyuan launching the G2 robot, which features high-performance joints and multi-modal voice interaction capabilities, suitable for various industrial applications [2] - Zhiyuan has signed a procurement contract worth over 100 million yuan with Junsheng Electronics for the initial delivery of the G2 robot [2] Group 3: Company Highlights - Riheng Technology, a leading supplier of industrial X-ray intelligent detection equipment, reported a nearly doubled order growth and a revenue increase of 38.34% year-on-year, with net profit rising by 7.8% [2] - Kangst, engaged in digital detection instruments, showed a positive Q3 performance with revenue and net profit growth of 22.24% and 30.66% respectively, demonstrating resilience under tariff pressures [3][4] - Newray's revenue and net profit increased by 28.97% and 2.88% respectively, with a stable business growth outlook and improving profitability expected [5]