风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 华龙证券表示，"十五五"点名工业母机，政策驱动下国产机床高端化进程有望加快。2025年10月28日， 《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》公布。政策驱动下，国内高端制造 领域对高精度、高稳定性、高复合化的五轴机床、数控铣床、车铣复合中心等需求将有望增加。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的整体 表现。该指数成分股主要集中于机械设备行业，重点聚焦制造业领域，具有较高的行业集中度特征。 每日经济新闻 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of industrial mother machines, indicating that the domestic high-end machine tool sector is expected to accelerate its development driven by policy support [1] Group 1: Policy Impact - The publication of the "Central Committee's Suggestions on Formulating the 14th Five-Year Plan for National Economic and Social Development" highlights the increasing demand for high-precision, high-stability, and highly integrated machine tools such as five-axis machine tools, CNC milling machines, and turning-milling composite centers in the domestic high-end manufacturing sector [1] Group 2: Industry Index - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in the manufacturing and servicing of machine tools and their key components from the Shanghai and Shenzhen markets [1] - This index aims to reflect the overall performance of listed companies related to the machine tool industry, with its constituent stocks primarily concentrated in the machinery equipment sector, showcasing a high degree of industry concentration [1]

注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 华龙证券表示，"十五五"点名工业母机，政策驱动下国产机床高端化进程有望加快。2025年10月28日， 《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》公布。政策驱动下，国内高端制造 领域对高精度、高稳定性、高复合化的五轴机床、数控铣床、车铣复合中心等需求将有望增加。 工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的整体 表现。该指数成分股主要集中于机械设备行业，重点聚焦制造业领域，具有较高的行业集中度特征。 ...

工业母机ETF（159667）跟踪的是中证机床指数（931866），该指数从沪深市场中选取50只涉及机床整 机及其关键零部件制造和服务的上市公司证券作为指数样本，以反映机床产业相关上市公司证券的整体 表现。该指数成分股主要集中于机械设备行业，重点聚焦制造业领域，具有较高的行业集中度特征。 （文章来源：每日经济新闻） 华龙证券表示，"十五五"点名工业母机，政策驱动下国产机床高端化进程有望加快。2025年10月28日， 《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》公布。建议提出，加强原始创新和 关键核心技术攻关。完善新型举国体制，采取超常规措施，全链条推动集成电路、工业母机、高端仪器 等重点领域关键核心技术攻关取得决定性突破。政策驱动下，国内高端制造领域对高精度、高稳定性、 高复合化的五轴机床、数控铣床、车铣复合中心等需求将有望增加。具备高端产品研发能力和核心部件 自研能力的公司值得关注。 ...

Core Viewpoint - The A-share market experienced a collective decline on November 10, with the Shanghai Composite Index down by 0.10%, while certain sectors like fertilizers, pesticides, and petrochemicals showed gains, indicating sectoral divergence in performance [1]. Group 1: Market Performance - The A-share market saw a decline in major indices, with the Shanghai Composite Index down by 0.10% [1]. - The machinery sector showed mixed results, with the Machine Tool ETF (159663) down by 1.20%, while individual stocks like Yujing Co. rose by 4.39% and Jiangte Electric by 2.89% [1]. - Conversely, companies like Zhongtung High-tech and Haimeixing performed poorly, with declines of -5.51% and -3.27% respectively [1]. Group 2: Trade Data - In September, China's engineering machinery import and export trade amounted to $5.505 billion, marking a year-on-year increase of 29.1% [1]. - The import value was $234 million, reflecting an 18.5% year-on-year growth, while the export value reached $5.271 billion, up by 29.6% year-on-year [1]. Group 3: Policy and Industry Outlook - Hu Long Securities indicated that the "14th Five-Year Plan" emphasizes industrial mother machines, suggesting that policy-driven advancements in domestic machine tools are expected to accelerate [1]. - There is anticipated growth in demand for high-precision, high-stability, and high-composite five-axis machine tools, CNC milling machines, and turning-milling composite centers in the high-end manufacturing sector due to policy support [1]. Group 4: ETF Overview - The Machine Tool ETF (159663) closely tracks the China Machine Tool Index, which encompasses critical segments of the high-end equipment manufacturing sector, including laser equipment, machine tools, robots, and industrial control equipment [2]. - This ETF represents a core area for the implementation of innovation-driven and industrial upgrade practices as emphasized by the new productivity concept [2].

Group 1 - The A-share market experienced a collective decline on November 5, with the Shanghai Composite Index dropping by 0.33% during the session. Sectors such as coal, retail, and agriculture showed gains, while computer and electronics sectors faced significant losses [1] - The machine tool sector exhibited mixed performance, with the Machine Tool ETF (159663) decreasing by 1.22%. Notable individual stocks included Ningbo Jingda, which rose by 4.49%, and Hezhuo Intelligent, which increased by 2.48%. Conversely, ST Huizhou and Huadong CNC saw declines of 4.95% and 3.88%, respectively [1] - The "14th Five-Year Plan" emphasizes the importance of industrial mother machines, indicating that the domestic high-end machine tool sector is expected to accelerate its development due to policy support. The plan calls for strengthening original innovation and tackling key core technologies [1] Group 2 - The Machine Tool ETF (159663) closely tracks the China Securities Machine Tool Index, which encompasses a critical segment of China's manufacturing industry—high-end equipment manufacturing. This includes sectors such as laser equipment, machine tools, robots, and industrial control equipment, aligning with the new productivity concept that emphasizes innovation and industrial upgrading [2]

Core Insights - The industrial mother machine, also known as machine tools, is essential for modern manufacturing and is experiencing significant advancements in China, particularly in the Shaanxi and Gansu provinces [1][2]. Group 1: Industry Overview - The Shaanxi-Baoji-Hanzhong-Tianshui industrial mother machine cluster has over 600 enterprises, with 272 above-scale companies, achieving an output value exceeding 31.5 billion yuan in 2023 [1]. - The cluster was recognized as a national advanced manufacturing industry cluster in December 2024, indicating its strategic importance in China's industrial landscape [1]. Group 2: Technological Advancements - Qin Chuan Machine Tool Group has adapted its products to meet the increasing demands of the electric vehicle industry, achieving a 70% domestic market share for its high-efficiency gear grinding machines [2]. - The company has received the National Science and Technology Progress Award six times, highlighting its commitment to long-term technological innovation [2][4]. Group 3: Market Position and Collaboration - The Gansu Xinghuo Intelligent CNC Machine Tool Company is leading in the domestic market for large and heavy machine tools, focusing on the localization of high-end CNC machine manufacturing [5]. - Collaborative efforts among companies like Qin Chuan, Xinghuo, and Baoji Machine Tool are fostering innovation and addressing key technological challenges through the establishment of innovation alliances [9]. Group 4: Product Development and Market Expansion - The production of various types of grinding machines, including external cylindrical grinding machines and specialized grinding machines, has expanded significantly, with over 150 specifications developed [6]. - New entrants like Baoji Yamazaki Precision Equipment are also making strides in niche markets, contributing to the overall growth of the industrial mother machine sector [8].