智通财经APP获悉，中原证券发布研报称，中信机械行业2025年第三季度显示业绩稳健增长，其中收入 端同比增长5.98%，归母净利润同比增长12.91%，盈利能力持续改善，其中传统周期子行业复苏持续， 成长子行业分化明显部分从底部反转开始走向业绩拐点。综合建议以景气度为准绳，周期、成长子行业 两手都要抓。 中原证券主要观点如下: 中信机械板块行情 投资建议 综合机械行业2025年三季报财报分析可以看出，整体上中信机械行业经营形势有明显复苏趋势，盈利能 力持续改善。整体上，周期子行业复苏明显，贡献了较大的业绩增量，部分成长子行业也开始底部反 转，开始走向业绩拐点。 投资策略上，该行认为首先继续持续推荐景气度复苏，财报持续改善的工程机械、船舶制造、油气设 备、锂电设备等周期复苏板块。其次，继续推荐符合国家自主可控、国产替代、十五五规划和国家未来 产业规划的新兴科技成长子行业如机器人、人工智能配套设备、基础件等。 风险因素 制造业投资增速不及预期;出口需求不及预期;下游行业需求不及预期;原材料价格继续上涨;新能源、半 导体产业政策发生重大转变 2025年三季报中信机械行业实现营业收入18888.43亿，同比增长5.9 ...

长江商报消息 ●长江商报记者 江楚雅 全球高端装备提供商杰瑞股份（002353.SZ）正积极调整海外业务布局。 11月10日，杰瑞股份公告称，全资子公司杰瑞能源服务有限公司拟出售其全资子公司光明能源有限公司 （简称"光明能源"）100%股权，交易价格不超过10亿元人民币或等值外币。 作为全球领先的油气田成套装备提供商和服务商，杰瑞股份持续深化全球布局，形成强韧稳固的国内外 双市场发展格局。2025年上半年，杰瑞股份海外市场收入32.95亿元，同比增长38.38%；海外市场新增 订单同比增长24.16%，增长势头强劲。 公司业绩也持续向好，2025年前三季度实现营业收入104.20亿元，同比增长29.49%；归母净利润18.08 亿元，同比增长13.11%。 加速海外业务布局调整 光明能源成立于2017年，原是杰瑞股份开拓俄罗斯市场的重要平台，主营油气设备销售及技术服务。此 次出售，标志着杰瑞股份对海外业务布局的重新审视与调整。 作为全球领先的油气田成套装备提供商和服务商，杰瑞股份坚定走全球化发展道路，深化全球布局，构 建了稳固的国内外双市场发展格局。公司业务已遍布70多个国家和地区，海外收入占比持续提升。 财 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry, particularly highlighting the high growth potential in engineering machinery and oil service equipment [1]. Core Insights - The report emphasizes the rapid advancements in humanoid robotics, showcasing significant progress in embodied intelligence and the commercialization of robots, particularly through the establishment of the world's first humanoid robot 4S store in Beijing [2][3]. - The engineering machinery sector is experiencing strong demand, with July excavator sales reaching 7,306 units, a 17% year-on-year increase, indicating robust market resilience [4]. - The oil service equipment industry is poised for a performance realization period, driven by high demand in the Middle East, with significant investments projected in the energy sector [5][9]. Summary by Sections Humanoid Robotics - The 2025 World Robot Conference showcased advancements in humanoid robots, with companies like Yushu Technology and Magic Atom demonstrating capabilities in combat, soccer, and dance [2]. - The establishment of a humanoid robot 4S store is expected to accelerate the commercialization of robots, providing a direct consumer channel [2]. - The report suggests monitoring the humanoid robotics supply chain, highlighting companies such as Green Harmonic and Henggong Precision [3]. Engineering Machinery - July excavator sales exceeded expectations, with domestic sales showing a 17% increase year-on-year, indicating strong demand resilience [4]. - Export volumes also rose significantly, with a 32% year-on-year increase, driven by demand from markets like Africa and Indonesia [4]. - The report identifies key players in the engineering machinery sector, including SANY Heavy Industry and XCMG [4]. Oil Service Equipment - The oil service equipment sector is benefiting from high demand in the Middle East, with projected investments in energy projects reaching $50.28 billion from 2020 to 2024 [5]. - Leading companies like Jereh and Neway are expected to see substantial revenue growth, with Jereh's revenue growth projected at 49% in Q2 2025 [5][9]. - The report highlights the significant growth potential for Chinese oil service companies in the Middle East, where market share is currently low but expected to increase [9].

Core Viewpoint - The article discusses the evolving landscape of the Chinese equity market, highlighting a shift in global perception of Chinese assets and the potential for A-shares to catch up with the performance of Hong Kong stocks in the coming months to a year [3]. Group 1: Market Performance - Recent months have shown a recovery in the Chinese market, with A-shares and Hong Kong stocks rebounding quickly after initial shocks from tariff disputes [3]. - The Hang Seng Index has increased by 27.64% from September 24, 2024, to May 31, 2025, while the CSI 300 Index has risen by 19.53% during the same period, indicating a stronger performance in Hong Kong stocks compared to A-shares [3]. Group 2: Investment Focus Areas - Four key sectors are highlighted for future investment: AI, innovative pharmaceuticals, consumer goods, and power batteries [4][5]. - AI is seen as a core direction for global technological development, with significant investment opportunities in computing power and related hardware [4]. - The innovative pharmaceutical sector is expected to grow, driven by advancements in research and development within Chinese companies [7]. - The consumer sector is viewed as having no clear distinction between "new" and "old" consumption, with opportunities arising from cultural exports as China continues to grow as a super economy [4]. - The power battery sector remains promising due to its vast market potential across various applications, including energy storage and robotics [5]. Group 3: Healthcare Sector Insights - The innovative pharmaceutical market is anticipated to be a long-term trend, with China's pharmaceutical capabilities aligning with global standards [7]. - Investment opportunities are focused on companies in pharmaceuticals, medical devices, and high-value consumables, with a preference for firms with strong clinical and sales capabilities [7]. Group 4: Consumer Sector Dynamics - The future performance of the consumer sector is closely tied to domestic demand, which is influenced by residents' income expectations [9]. - Recent consumer subsidies in sectors like automotive and home appliances have created opportunities, and sustained policy support could further drive growth [10]. Group 5: Technology Sector Developments - The technology sector, particularly AI, is expected to play a crucial role in overcoming current economic challenges, with AI development projected to continue for decades [12]. - Investment opportunities are identified in smart driving and humanoid robots, with the latter expected to see production growth in specific industries [12]. Group 6: Manufacturing and Resource Insights - The manufacturing sector is poised for growth, with opportunities for Chinese brands to compete globally due to improved product performance and stability [16]. - Resource-related companies are also highlighted, as limited supply supports pricing and profitability [16]. Group 7: Financial Sector Outlook - The banking sector has shown resilience, with improved performance attributed to better-than-expected corporate conditions outside the real estate sector [18]. - As the economic outlook improves, expectations for the banking sector are also anticipated to recover [18]. Group 8: Consumer Goods Sector Analysis - The white liquor industry is undergoing adjustments primarily due to inventory cycles and operational challenges, with potential for recovery as internal adjustments take place [21].

Market Overview - The three major stock indices experienced fluctuations and rose, with the North China 50 Index increasing by nearly 2% [1] - As of the close, the Shanghai Composite Index rose by 0.35% to 3388.73 points, the Shenzhen Component Index increased by 0.41% to 10163.55 points, and the ChiNext Index rose by 0.66% to 2057.32 points [1] - The total trading volume in the Shanghai, Shenzhen, and North markets was 12,438 billion yuan, a decrease of approximately 2,600 billion yuan compared to the previous day [1] Sector Performance - Strong performance was observed in sectors such as media, real estate, oil, brokerage, banking, and insurance [1] - Coal, chemical, and liquor sectors also saw upward movement, while digital currency, information technology innovation, and AI application concepts were active [1] Investment Insights - Dongxing Securities indicated that under current volume conditions, the likelihood of a style switch in the market is low, with small and mid-cap growth styles expected to continue [1] - There may be a small cycle adjustment in the short term due to high congestion in small-cap stocks, but the possibility of a large cycle adjustment is low [1] - The A-share market is expected to enter a slow bull phase, with large-cap companies likely to follow small-cap companies into an upward trend [1] Focus Areas - The market continues to favor mainstream hotspots such as innovative drugs and new consumption, while also looking for opportunities in undervalued high-dividend stocks [1] - In the context of continuously declining interest rates, high-dividend stocks are considered a scarce resource with long-term allocation value [1] Oil and Gas Sector - The outbreak of the Israel-Palestine conflict on June 13 led to a 7% increase in Brent crude oil prices, with prices stabilizing between $70 and $75 per barrel as of June 16 [2] - The conflict may alter the global oil supply landscape, suggesting a systematic upward shift in oil price levels [2] - Dongwu Securities noted that the current extraction costs in major U.S. shale oil regions are between $40 and $50 per barrel, indicating that rising oil prices will enhance shale oil extraction willingness [2] Pharmaceutical Sector - The State Council's meeting on June 13 focused on optimizing drug and consumable procurement policies, aiming to enhance the innovation capabilities of pharmaceutical companies [3][4] - Policies are expected to encourage the development of innovative drugs and medical devices, potentially benefiting leading companies in the sector [4] - The optimization of procurement policies is anticipated to restore market sentiment and catalyze the pharmaceutical sector's growth in the second half of the year [4] Regulatory Developments - The National Medical Products Administration announced a 30-day review and approval process for clinical trial applications of innovative drugs, aimed at enhancing the efficiency of clinical research [5] - This initiative supports the development of key national research products and encourages international collaboration in clinical trials [5]