——大制造中观策略行业周报 投资要点 ❑ 【本周报意图】 证券研究报告 | 行业周报 | 机械设备 周期反转、成长崛起、军工反转、海外崛起 本周报意在汇总大制造中观策略组内部每周重要深度报告、重要点评报告与边际 变化的观点。 ❑ 【团队核心标的】 横河精密、浙江荣泰、上海沿浦、涛涛车业、三一重工、徐工机械、真兰仪表、 中国船舶、华测检测、杭叉集团、亚星锚链、罗博特科、巨星科技、雅迪控股、 爱玛科技、洪都航空、中际联合、华大九天等。 ❑ 【核心组合】 横河精密、浙江荣泰、上海沿浦、金沃股份、开普云、新时达、涛涛车业、三一 重工、徐工机械、真兰仪表、中国船舶、华测检测、杭叉集团、亚星锚链、罗博 特科、巨星科技、雅迪控股、爱玛科技、洪都航空、中际联合、华大九天、华翔 股份、杰克股份、五洲新春、安徽合力、中力股份、山推股份、柳工、中联重科、 恒立液压、杰瑞股份、晶华新材、中国海防、中兵红箭、内蒙一机、光电股份。 ❑ 【上周行业观点】 机械：2026 年度策略：周期反转、成长崛起、出海提速 ❑ 【上周各行业及大制造内部涨跌幅情况】 截至 2025/11/21，上周（2025/11/17-2025/11/21）板块跟踪指 ...

Market Overview - On November 18, the Shanghai Composite Index fell by 0.81%, the CSI 300 decreased by 0.65%, the STAR 50 rose by 0.29%, the CSI 1000 dropped by 1%, and the ChiNext Index declined by 1.16% [5] - The best-performing sectors on November 18 were Media (+1.6%), Computer (+0.93%), Electronics (+0.12%), and Food & Beverage (+0.03%), while the worst-performing sectors were Coal (-3.17%), Electric Equipment (-2.97%), Steel (-2.85%), Nonferrous Metals (-2.8%), and Basic Chemicals (-2.67%) [5] - The total trading volume of the A-share market on November 18 was 1,946 billion yuan, with a net inflow of 7.466 billion HKD from southbound funds [5] Important Recommendations Company: Baiao Intelligent (300836) - The recommendation logic highlights the company's positioning in customized automation equipment, with opportunities in munitions and AI computing power expected to enhance profitability [6] - Revenue projections for 2025-2027 are 1,055 million, 1,368 million, and 1,774 million yuan, with growth rates of 126.4%, 29.7%, and 29.7% respectively. Net profit is forecasted at 122 million, 169 million, and 221 million yuan, with growth rates of 346.8%, 38.0%, and 30.6% respectively [6] Company: Lu Wei Optoelectronics (688401) - The recommendation is based on the company's rare capabilities in G11 and G8.6 high-generation platforms, benefiting from the IT-OLED market expansion and semiconductor recovery [7] - Revenue forecasts for 2025-2027 are 1,164.17 million, 1,568.91 million, and 2,120.63 million yuan, with growth rates of 32.96%, 34.77%, and 35.17% respectively. Net profit is expected to be 262.67 million, 366.91 million, and 514.29 million yuan, with growth rates of 37.62%, 39.68%, and 40.17% respectively [8] Key Insights Machinery Sector - The core viewpoint indicates a cyclical reversal, growth emergence, and acceleration of overseas expansion in the machinery sector [9] - The focus has shifted from emphasizing self-sufficiency to promoting overseas expansion, with growth expected in engineering machinery, industrial gases, and semiconductor equipment [9] Communication Sector - The communication sector is expected to see steady growth, with a focus on computing power, operator benefits, and satellite internet opportunities [10] - The domestic commercial rocket is anticipated to successfully conduct test flights, contributing to the sector's growth [10] Media and Internet Sector - The media and internet sector is projected to recover in 2026, driven by policy support, improved content supply, and accelerated AI commercialization [12] - The emphasis is on the structural improvement of content supply and the enhanced efficiency brought by AI applications in advertising and content creation [12] Computer Sector - The computer industry is witnessing a systematic breakthrough in domestic computing power, transitioning from technical advancements to commercialization of AI applications [14] - Investment opportunities are identified in domestic computing power and the commercial realization of AI, with catalysts including breakthroughs in domestic computing power [14]

现将《高标准数字园区建设指南》印发给你们，请结合实际认真抓好落实。 工业和信息化部办公厅 2025年11月13日 智通财经APP获悉，11月18日，工信部办公厅发布《高标准数字园区建设指南》，其中提到，工信部结 合大规模设备更新、中小企业数字化转型城市试点、制造业新型技术改造城市试点、工业互联网一体化 进园区"百城千园行"等工作，加大对高标准数字园区建设支持力度，加快推动园区产业数字化转型供需 对接、融合应用等。地方工业和信息化主管部门、园区所在地政府和园区管理机构等充分利用现有资 源，加强园区数字化建设要素保障和政策支持，引导社会资本参与高标准数字园区建设。 原文如下： 工业和信息化部办公厅关于印发《高标准数字园区建设指南》的通知 各省、自治区、直辖市及计划单列市、新疆生产建设兵团工业和信息化主管部门： 高标准数字园区建设指南 建设高标准数字园区是促进园区高质量发展的关键举措，是推动制造业数字化转型的重要抓手。为贯彻 落实《制造业数字化转型行动方案》(国办发〔2024〕25 号)任务部署，加快打造一批高标准数字园区， 引领带动各类园区加快数字化转型步伐，制定本指南。 一、总体要求 以习近平新时代中国特色社会 ...

证券日报网讯上海电气（601727）11月17日在互动平台回答投资者提问时表示，公司是全球领先的工业 级绿色智能系统解决方案提供商，始终坚持"服务国家战略、发展新质生产力、实现高质量发展"的战略 方向，聚焦于能源装备、工业装备、集成服务三大业务板块。我们的业务遍及全球，在能源装备领域， 上海电气拥有煤电、核电、风电、气电、太阳能发电、储能、输配电等业务；工业装备领域涵盖电梯、 工业基础件、电机、智能制造装备等；集成服务领域涵盖电站工程与服务、输配电工程与服务、自动化 工程与服务等业务。 ...

Group 1 - The core point of the article is that Boshi Co., Ltd. announced the convening of its 2025 first extraordinary general meeting of shareholders during its board meeting held on November 10, 2025 [1] - For the first half of 2025, the revenue composition of Boshi Co., Ltd. is as follows: intelligent manufacturing equipment accounts for 69.88%, industrial services account for 27.24%, and environmental processes and equipment account for 2.89% [1] - As of the time of reporting, the market capitalization of Boshi Co., Ltd. is 16.1 billion yuan [1]

Core Viewpoint - Han Chuan Intelligent is a leading player in the global intelligent manufacturing equipment sector, focusing on automotive electronics, medical health, and new energy batteries, with a comprehensive industry chain advantage [1] Group 1: Business Overview - Han Chuan Intelligent was established on November 16, 2012, and listed on the Shanghai Stock Exchange on July 22, 2019, with its registered and office address in Suzhou, Jiangsu Province [1] - The company's main business includes the research, design, production, sales, and service of intelligent manufacturing equipment for industries such as automotive electronics, medical health, and new energy batteries [1] - The company belongs to the machinery equipment sector, specifically specialized equipment, and is involved in concepts like machine vision, edge computing, and low-altitude economy fusion [1] Group 2: Financial Performance - In Q3 2025, Han Chuan Intelligent reported revenue of 557 million yuan, ranking 50th among 89 companies in the industry, while the industry leader, Keda Manufacturing, achieved revenue of 12.605 billion yuan [2] - The net profit for the same period was 43.4646 million yuan, placing the company 41st in the industry, with Keda Manufacturing leading at 1.832 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Han Chuan Intelligent's debt-to-asset ratio was 73.23%, an increase from 63.36% year-on-year, significantly higher than the industry average of 42.80% [3] - The gross profit margin for Q3 2025 was 34.42%, up from 17.59% year-on-year, and also above the industry average of 28.52% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.72% to 9,913, with an average holding of 17,700 circulating A-shares, a decrease of 4.51% [5] - Among the top ten circulating shareholders, Huaxia CSI Robot ETF ranked third with 3.3883 million shares, an increase of 632,300 shares from the previous period [5]

Core Viewpoint - The company has established a series of industry-leading intelligent manufacturing equipment and has implemented a full-stack information system for smart manufacturing [1] Group 1 - The company possesses internationally advanced manufacturing processes [1] - The company has independently innovated to build intelligent manufacturing equipment that is at the forefront of the industry [1] - The production line is equipped with a comprehensive information system to achieve smart manufacturing [1]

Core Insights - The policies of Hainan Free Trade Port will significantly lower the barriers and costs for companies to conduct international business, enhancing resource allocation and market expansion efficiency globally [1][2]. Group 1: Company Overview - Dazhu Group, established in 1996, is a leading enterprise in the laser and intelligent manufacturing sector, with its first listed company, Dazhu Laser, going public in 2004 [1]. - The company has expanded its core laser technology into various fields, including semiconductor equipment, new energy photovoltaic and battery equipment, robotics, low-altitude economic equipment, automotive production lines, 3C consumer electronics production equipment, machine tools, and industrial automation [1]. Group 2: Strategic Initiatives - Dazhu Group plans to establish a regional R&D center and sales service center in Hainan, leveraging the advantages of the Free Trade Port policies to expand its international business [2][3]. - The company aims to collaborate with local high-tech enterprises and research institutions in Hainan to jointly develop projects in laser technology and intelligent manufacturing equipment [4]. Group 3: Talent and Capital Development - Dazhu Group intends to partner with Hainan universities to promote targeted talent cultivation and establish internship bases [5]. - The company seeks to utilize Hainan's policies for capital outflow to engage in cross-border mergers and acquisitions, expanding its semiconductor equipment industry chain [5]. Group 4: Future Outlook - The full island closure operation of Hainan Free Trade Port, starting on December 18, is expected to facilitate cross-border trade activities and deepen domestic and international industrial collaboration [5]. - This operation will aggregate resources and catalyze local industrial upgrades and innovation, opening broader development avenues for companies [5].

Group 1: Semiconductor Industry - Texas Instruments (TI), the world's largest analog chip supplier, reported Q3 revenue of $4.74 billion, a 14% year-over-year increase, exceeding the market expectation of $4.65 billion [2] - Q3 capital expenditure was $1.2 billion, slightly below the market estimate of $1.28 billion, while earnings per share were $1.48, slightly lower than the expected $1.49 [2] - TI forecasts Q4 revenue between $4.22 billion and $4.58 billion, with a market estimate of $4.5 billion, indicating a relatively weak guidance compared to market expectations [2] Group 2: Power Equipment Industry - China Xidian and Pinggao Electric, leading domestic power equipment companies, reported Q3 results with China Xidian achieving revenue of 17 billion yuan, a 11.5% year-over-year increase, and a net profit of 940 million yuan, up 19.3% [3] - Pinggao Electric reported Q3 revenue of 8.44 billion yuan, a 7% year-over-year increase, with a net profit of 982 million yuan, reflecting a 14.6% growth [3] - The report suggests that domestic power investment is likely to increase to stabilize economic growth, and the rapid growth of AI infrastructure investment will drive significant electricity demand, indicating a positive outlook for the power equipment industry [3] Group 3: Advanced Manufacturing - Liyuanheng, specializing in smart manufacturing equipment, reported Q3 revenue of 895 million yuan, a 90.63% year-over-year increase, and a net profit of 14.08 million yuan, marking a return to profitability [6] - The improvement in performance is attributed to revenue growth, effective cost control, and an increase in gross margin [6] - The company is focusing on solid-state battery equipment and expects gross margins to recover in Q4 as low-margin projects decrease and consumer lithium battery projects enter the acceptance phase [6] Group 4: Consumer Goods Industry - Wancheng Group reported Q3 revenue of 36.562 billion yuan, a 77.37% year-over-year increase, with a net profit of 806 million yuan, up 955.27% [8] - The company's main business consists of bulk snack foods and edible fungi, with the bulk snack food segment achieving revenue of 36.158 billion yuan in the first three quarters [8] - The growth is driven by improved operational efficiency, rapid expansion of the store network, and increased prices for edible fungi [8] Group 5: Food Industry - Shengnong Development reported total revenue of 14.706 billion yuan in the first three quarters, a 6.86% year-over-year increase, with a net profit of 1.159 billion yuan, a significant increase of 202.82% [9] - The company has seen growth in its C-end retail channels and export channels, with both growing over 30% year-over-year [9] - However, rising expenses have impacted profit margins, with sales expenses up 10.83%, management expenses up 13.32%, and R&D expenses up 26.02% [9]

Core Insights - The article emphasizes the importance of project construction as a key driver for high-quality development, highlighting recent progress in multiple ongoing projects in Huangqiao Street, Xiangcheng District [1] Project Summaries - **Suzhou Intelligent Manufacturing Industrial Park**: The project covers approximately 82.16 acres with a building area of about 210,000 square meters, focusing on the intelligent manufacturing equipment industry chain and integrating R&D and smart manufacturing [3]. Current progress includes the first phase being in delivery status, while the second phase's exterior stone paint and curtain wall construction are ongoing [4] - **China-Europe Intelligent Manufacturing Industrial Park**: This project spans around 117 acres with a planned building area of 199,000 square meters, targeting high-end manufacturing, electronic information, and new materials to attract international innovation resources [5]. The first phase has been completed, and the second phase's curtain wall and exterior paint are 80% and 95% completed, respectively, with overall project completion at 87.7% [6] - **IMS High-end Manufacturing Service Industrial Park**: Covering approximately 73.5 acres with a building area of about 132,000 square meters, this project aims to introduce and promote international smart manufacturing equipment and technologies, featuring a platform for industry empowerment [7]. The project is currently completed and undergoing fire safety inspection [8] - **Regional Elderly Care Service Center in Huangqiao Street**: This project occupies about 15.2 acres with a total building area of approximately 37,500 square meters, providing comprehensive elderly care services [9]. The main construction is finished, with interior and landscape works nearing completion and preparations for acceptance inspection underway [10]