智通财经iAPP获悉，据报道，中国工业机器人制造商汇川技术(300124.SZ)正在考虑赴香港二次上市。 该公司已与潜在顾问就供股事宜展开初步讨论。报道称，此类IPO的规模通常在公司市值的不足5%至 10%之间。由于目前仍属初步考虑阶段，包括规模和时机在内的细节仍在商讨中。对此，汇川技术暂未 回应。 据报道，中国工业机器人制造商汇川技术(300124.SZ)正在考虑赴香港。该公司已与潜在顾问就供股事 宜展开初步讨论。 另外，智慧电梯方面，核心产品包括：电梯控制系统(一体化控制器/变频器)、人机界面、门系统、控制 柜、线缆线束、井道电气、电梯物联网等产品及电气大配套解决方案。轨道交通方面，核心产品包括： 涵盖规划设计、核心零部件、车辆制造、运营维保等，核心零部件主要包括车身系统、电气系统、转向 系统、牵引系统和控制系统。 财报显示，2025年1-9月，汇川技术营收316.63亿元，同比增长24.67%；归属于上市公司股东的净利润 42.54亿元，同比增长 26.84%；归属于上市公司股东的扣非净利润38.88亿元，同比增长 24.03%，盈利 指标整体向好。 据悉，汇川技术是工业自动化领域的龙头企业，核心业务覆 ...

智通财经iAPP获悉，据报道，中国工业机器人制造商汇川技术（300124）(300124.SZ)正在考虑赴香港 二次上市。该公司已与潜在顾问就供股事宜展开初步讨论。报道称，此类IPO的规模通常在公司市值的 不足5%至10%之间。由于目前仍属初步考虑阶段，包括规模和时机在内的细节仍在商讨中。对此，汇 川技术暂未回应。 据悉，汇川技术是工业自动化领域的龙头企业，核心业务覆盖四大板块：通用自动化方面，核心产品包 括：变频器、伺服系统、PLC/HMI、高性能电机、传感器、机器视觉等工业自动化核心部件及工业机 器人产品。其中，中国伺服系统领域份额28%，中、低频变压器市场份额18.6%，SCARA机器人销量份 额27%，均位居中国第一。新能源汽车方面，核心产品包括：电驱系统(电机、电机控制器、电驱总成) 和电源系统(DC/DC、OBC、电源总成)。 另外，智慧电梯方面，核心产品包括：电梯控制系统(一体化控制器/变频器)、人机界面、门系统、控制 柜、线缆线束、井道电气、电梯物联网等产品及电气大配套解决方案。轨道交通方面，核心产品包括： 涵盖规划设计、核心零部件、车辆制造、运营维保等，核心零部件主要包括车身系统、电气系统、 ...

可控核聚变的"热闹"，已经从实验室烧到了资本市场。 例如，万得可控核聚变概念指数2025年累计涨幅达到83.19%。政策风口也来了——2026年《原子能法》就要施行，国家层面首次明确支持聚变能 源。安徽、四川、上海三地正铆足劲争抢聚变产业高地，背后是EAST、中国环流系列、BEST等一批大科学装置的加速推进。 一个明显的信号是：项目招标开始放量。光是合肥的BEST装置，去年预算金额便超过20亿。业内人士估算，2025-2027年国内三年内的聚变项目 投资接近600亿元。这不再是遥远的科学幻想，而是一场实实在在的产业链竞赛——订单已经落下，哪些公司真的接到了活？ 国内厂商通过给ITER供货，把技术和经验攒了下来，现在反过来用在自家的聚变装置上。上海电气就承认，国内几个主要大装置——EAST、 CRAFT、BEST、中国环流三号、四号，他们都参与了。装置跑得快，首先带动的是一批能解决复杂工艺的制造企业。 ITER，那个全球最大的聚变实验堆项目，成了中国制造商的"练兵场"。去年底，中科院合肥物质院等离子体所宣布：为ITER做的校正场线圈全 造完了，从材料到工艺100%国产。几乎同时，核工业西南物理研究院（简称西物院 ...

12月19日，联合动力涨5.86%，截至发稿，报27.27元/股，成交1.93亿元，换手率4.36%，总市值655.79 亿元。 资料显示，苏州汇川联合动力系统股份有限公司位于江苏省苏州市吴中区越溪天鹅荡路52号，成立日期 2016年9月30日，上市日期2025年9月25日，公司主营业务涉及公司致力于成为全球领先的智能电动汽车 部件及解决方案提供商,主要产品包括电驱系统(电控、电机、三合一/多合一驱动总成)和电源系统(车载 充电机、DC/DC转换器、二合一/三合一电源总成)等动力系统核心部件。主营业务收入构成为：电驱系 统86.85%，电源系统12.64%，其他(补充)0.43%，其他0.08%。 从联合动力十大流通股东角度 数据显示，长城基金旗下1只基金位居联合动力十大流通股东。长城久嘉创新成长混合A（004666）三 季度新进十大流通股东，持有股数51.73万股，占流通股的比例为0.31%。根据测算，今日浮盈赚取约 78.11万元。 长城久嘉创新成长混合A（004666）成立日期2017年7月5日，最新规模19.74亿。今年以来收益 61.65%，同类排名465/8098；近一年收益59.59%，同类排名 ...

格隆汇12月18日丨四川长虹(600839.SH)在投资者互动平台表示，公司下属四川长虹电源股份有限公司 以锂电池、模块电源、电源系统、绿色能源产品为基础，专注于新能源系统技术研发和创新发展，目前 不涉及商业航天领域。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [9]. Core Insights - The company has experienced short-term operational fluctuations due to the order rhythm in the special and communication industries. However, it is expected to return to mid-to-high-speed growth due to previous high R&D investments, new capacity releases, and a new round of equity incentives [2][5]. - The high-reliability special power supply market has significant growth potential, driven by trends in equipment electrification and emerging sectors like domestic large aircraft and commercial aerospace. As a leading domestic manufacturer, the company is poised to benefit [6][60]. - In the AIDC and communication sectors, the company is leveraging its deep expertise in high-performance power supplies to tap into the burgeoning AIDC power market, which is expected to yield substantial revenue growth [7]. Summary by Sections Company Overview - Established in 1997, the company focuses on high-efficiency, high-reliability, and high-power-density power products, particularly in aerospace, aerospace, and special high-grade power supply fields. It has developed a rich product portfolio and offers comprehensive solutions across multiple industries [5][18]. Market Trends - The high-reliability special power supply market is recovering steadily, with long-term positive trends. The demand for power supplies in domestic large aircraft and commercial aerospace is expected to expand significantly, with projected annual demand reaching 16.9 billion in the next 20 years [6][54]. - The AIDC and communication sectors are experiencing a boom driven by AI computing power, leading to increased demand for server power supplies. The global AI server power module market is projected to grow from $6.5 billion to $60.8 billion between 2025 and 2031 [7][28]. Financial Performance - The company has faced short-term revenue and profit fluctuations due to order volatility in the special and communication sectors. However, it has shown signs of improvement in the first three quarters of 2025, with revenue reaching 929 million, a year-on-year increase of 36% [27][29]. - The company's gross margin has fluctuated, with a projected gross margin of 40% for 2024 and 2025, reflecting the impact of product structure adjustments and increased R&D expenses [29][30]. R&D and Capacity Expansion - The company maintains a strong commitment to R&D, with a focus on developing core technologies and expanding its product offerings. It has accumulated 399 intellectual property rights, including 67 invention patents [35][36]. - New capacity projects across multiple locations are nearing completion, with significant contributions expected to revenue and production capacity by 2025 and 2026 [42][44]. Equity Incentives - The company has implemented multiple rounds of equity incentives to bind core employees, with the latest plan aiming for substantial revenue growth targets over the next three years [46][48].

Core Viewpoint - The article highlights the increasing policy support for infrastructure investment, which is expected to drive equipment demand, particularly for large excavators due to the commencement of the Yaxia Hydropower Project [1] Group 1: Infrastructure Investment and Equipment Demand - Enhanced policy support is anticipated to boost infrastructure investment, leading to increased demand for equipment [1] - The initiation of the Yaxia Hydropower Project is expected to further stimulate the demand for large excavators and related machinery [1] Group 2: Industry Trends - The internationalization, electrification, and intelligentization processes are advancing, with electric loader sales experiencing a year-on-year growth of 157.2% [1] - Intelligent applications such as unmanned forklifts and unmanned mining are expected to achieve breakthroughs [1] Group 3: Capital Expenditure in Fusion Industry - The nuclear fusion industry is entering a phase of capital expenditure expansion, with a focus on high-value components such as magnet systems, vacuum chambers, and power systems [1] Group 4: Low-altitude Economy - Policies related to the low-altitude economy emphasize safety, health, and high-quality development, with optimism surrounding infrastructure construction and low-altitude equipment research and application [1] Group 5: ETF Overview - The Industrial Mother Machine ETF (159667) tracks the China Securities Machine Tool Index (931866), which selects 50 listed companies involved in machine tool manufacturing and key component supply, covering various manufacturing sectors [1]

报告摘要 事件： 近日，BEST项目建设方聚变新能公司发布采购项目超20亿元，主要涉及电源系统、低温系统、屏蔽包层 等环节。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 AI驱动用电结构重构，聚变能源战略价值凸显 据麦肯锡预测，伴随云计算、加密货币、AI需求激增，预计2050年数据中心用电量将占全球总用电量的 5%-9%。聚变能作为"人类终极能源"，具备较高战略价值，AI巨头纷纷对聚变能进行布局。2023年， Helion宣布与微软达成全球首个聚变电力购电协议，约定2028年起正式交付50MW商用聚变电力；25年6 月，谷歌与美国CFS公司签署购电协议，从CFS计划于2030年代在弗吉尼亚州建设的ARC核聚变发电站购 买200MW的电力；25年8月，CFS宣布完成8.63 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 今 日 聚 焦 【钢铁】取向硅钢现货价格年内跌幅达到23%——金属周期品高频数据周报（2025.11.10-11.16） 2025年2月8日，工信部出台《钢铁行业规范条件（2025年版）》，且7月18日再次提及"推动落后产能有序 退出"，我们认为钢铁板块的盈利有望修复到历史均值水平，钢铁股的PB也有望随之修复。但建议防范期 货价格大幅波动风险 。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。 其他任何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号 均不是光大证券研究所的官方订阅号。 您可点击今日推送内容的第1条查看 【机械】聚变新 ...

Group 1: Macroeconomic Insights - In October, general public budget expenditure turned negative year-on-year, with spending related to "three guarantees" and infrastructure investment showing a decline compared to the previous month, necessitating attention to the effectiveness of incremental fiscal policies since September [2] - Government fund revenues and expenditures are both slowing down, with expectations for improvement once local government debt limits are set and utilized to supplement overall financial capacity [2] - The supply of government bonds for the year is nearing its end, while an increase in fiscal deposits year-on-year in October indicates that there is still room for fiscal funds to be released, which is favorable for future liquidity [2] Group 2: High-end Manufacturing Industry - The controlled nuclear fusion industry is projected to have long-term growth potential, with a recent procurement project exceeding 2 billion yuan, covering areas such as power systems, low-temperature systems, and shielding layers [3] - Key companies to watch in the vacuum chamber and internal components segment include: Hezhong Intelligent, Guoguang Electric, Antai Technology, Yingliu Co., Parker New Materials, and Tiangong International [3] - In the magnet system segment, notable companies include Lianchuang Optoelectronics and Yongding Co., while in the power system segment, focus on Sichuan Chuang Electronics, Wangzi New Materials, and Xuguang Electronics [3] Group 3: Non-ferrous Metals Industry - Supply growth for steel, copper, and aluminum remains constrained, with gold benefiting from the US interest rate cut cycle and central bank purchases [4] - Recommended stocks for steel include Baosteel Co. and Jiuli Special Materials, with attention to companies like Ordos, CITIC Special Steel, and Hualing Steel [4] - For copper, recommended stocks are Zijin Mining and Luoyang Molybdenum, with a focus on Tongling Nonferrous Metals and Western Mining [4] Group 4: Real Estate Market - As of November 16, 2025, new home transactions in 20 cities totaled 674,000 units, a decrease of 10.6% year-on-year, with significant declines in cities like Beijing (-16%) and Shenzhen (-25%) [5] - In the second-hand housing market, transactions in 10 cities reached 667,000 units, an increase of 4.5% year-on-year, with notable growth in Shenzhen (+15%) and Shanghai (+11%) [5] Group 5: Company Research - Electronics - The company is expected to see performance improvement driven by its cellular baseband business, with mobile SoC and ASIC products supporting future growth [6] - Profitability recovery in the IoT business is slower than expected, leading to a downward revision of net profit forecasts for 2025 and 2026 [6] - The company maintains a "buy" rating due to the potential for growth in its mobile SoC product matrix and the high growth of its ASIC business benefiting from the trend of AI localization [6]