证券研究报告 | 策略定期报告 2025 年 12 月 24 日 电影票价明显修复，有色、存储器价格强势 ——行业景气观察（1224） 本周景气度改善的方向主要在资源品、中游制造和信息技术领域。上游资源品中， 金属、钢铁、煤炭价格多数上涨；中游制造领域，新能源产业链价格多数上涨， 11 月金属成形机床产量三个月滚动同比增幅扩大。信息技术中，存储器价格持 续上涨，11 月电信主营业务收入三个月滚动同比增幅扩大。消费服务领域，生猪 养殖利润上行。上市公司 Q4 盈利有望延续正增长，但增幅可能有所收窄。推荐 关注年报盈利有望高增或有改善的有色、电池、军工电子、航空/航天装备、电网 设备、工程机械、半导体、传媒等。 ❑【资源品】建筑钢材成交量十日均值上行；钢坯价格、螺纹钢价格均上行。煤炭价 格方面，秦皇岛优混动力煤价格下行，京唐港山西主焦煤库提价上行；焦炭期货结 算价、焦煤期货结算价上行。库存方面，秦皇岛港煤炭库存上行，京唐港炼焦煤库 存、天津港焦炭库存下行。全国水泥价格指数上行。Brent 国际原油价格上行；中 国化工产品价格指数周环比上行，化工品价格多数下行，PVC、PTA 涨幅居前， 聚乙烯、聚合 MID 跌幅 ...

Group 1: Machinery Industry - In November 2025, sales of construction machinery showed mixed results, with 8 products experiencing year-on-year growth while 4 declined, particularly driven by strong demand for cranes, which saw sales growth of 16.6% for truck cranes, 44.6% for all-terrain cranes, and 66.2% for crawler cranes, largely due to wind power installations and electrification trends [2][3] - Excavator sales in November increased by 13.9% year-on-year, with domestic sales up 9.1% and exports up 18.8%, attributed to recovering demand in Europe and the US, as well as sustained high demand in mining [2][3] - The loader segment also saw significant growth, with total sales up 32.1% year-on-year, driven by replacement demand and electrification, with electric loader penetration reaching approximately 25.7% in November [2][3] - Forklift sales rose by 14.1% year-on-year in November, with domestic sales increasing by 23.9%, primarily due to equipment upgrades and electrification [3] - The outlook for the machinery industry remains positive, with expectations of continued growth in domestic sales driven by major projects and overseas demand from emerging markets and mineral-rich countries [2][3] Group 2: Machine Tool Sector - In November 2025, the production of metal cutting machine tools was approximately 71,000 units, reflecting a year-on-year decline of 2.7%, while cumulative production from January to November reached 783,000 units, showing a year-on-year increase of 12.7% [4][5] - The production of metal forming machine tools in November was about 15,000 units, up 7.1% year-on-year, with cumulative production for the year at 161,000 units, also showing a year-on-year increase of 7.3% [4][5] - Fixed asset investment in the manufacturing sector grew by 1.9% year-on-year, maintaining positive growth, while manufacturing profits increased by 7.7% year-on-year, although the growth rate has slowed [5] Group 3: Robotics Industry - Industrial robot production in November 2025 reached approximately 70,000 units, marking a year-on-year increase of 20.6%, with cumulative production from January to November at 674,000 units, up 29.2% [5] - Strategic partnerships in the robotics sector are emerging, such as the collaboration between UBTECH and Texas Instruments, which aims to enhance the deployment of humanoid robots in manufacturing [5] - The introduction of innovative humanoid robots, such as the TRON 2 by Zhijidongli, showcases advancements in modular design and adaptability for various operational tasks [5] Group 4: Investment Recommendations - The manufacturing PMI in November rose by 0.2 percentage points to 49.2%, indicating a recovery in production and new orders, driven by the end of the National Day holiday effects and positive outcomes from US-China trade talks [6] - The report maintains a "buy" rating for the machinery sector, highlighting the potential for sustained growth in the construction machinery segment and the burgeoning humanoid robotics market [6]

上市企业：亚威股份（002559）,合锻智能（603011）,沈阳机床（000410） 根据国家统计局数据显示：2025年10月中国金属成形机床产量为1.4万台；2025年1-10月中国金属成形 机床累计产量为14.6万台，累计增长8.1%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国智能机床行业市场专项调研及投资前景规划报告》 2020-2025年1-10月中国金属成形机床产量统计图 数据来源：国家统计局，智研咨询整理 ...

天眼查App显示，近日，苏州朗铎重工有限公司成立，法定代表人为PAVEL CHEMERIAZEV，注册资 本100万人民币，经营范围为一般项目：数控机床销售；金属切削机床销售；金属成形机床销售；铸造 机械销售；通用加料、分配装置销售；机床功能部件及附件销售；机械设备销售；液压动力机械及元件 销售；工业自动控制系统装置销售；气压动力机械及元件销售；金属工具销售；风动和电动工具销售； 金属切割及焊接设备销售；塑料制品销售；阀门和旋塞销售；防火封堵材料销售；橡胶制品销售；金属 材料销售；人造板销售；建筑材料销售；铸造用造型材料销售；高性能有色金属及合金材料销售；货物 进出口；技术进出口；汽车零配件批发；汽车零配件零售；电气设备销售；烘炉、熔炉及电炉销售；五 金产品批发；五金产品零售；工业机器人销售（除依法须经批准的项目外，凭营业执照依法自主开展经 营活动）。 ...

天眼查App显示，近日，芝机精密机械（安徽）有限公司成立，法定代表人为后藤英一，注册资本400 万人民币，经营范围为一般经营项目：塑料加工专用设备制造；塑料加工专用设备销售；通用设备制造 （不含特种设备制造）；机械设备销售；金属成形机床制造；金属成形机床销售；液压动力机械及元件 制造；模具制造；工业自动控制系统装置制造；技术进出口；货物进出口；进出口代理；技术服务、技 术开发、技术咨询、技术交流、技术转让、技术推广（除许可业务外，可自主依法经营法律法规非禁止 或限制的项目）。 ...

天眼查App显示，近日，嘉兴超腾机械设备有限公司成立，法定代表人为彭富超，注册资本50万人民 币，经营范围为一般项目：金属成形机床制造；金属表面处理及热处理加工；机械电气设备制造；机械 零件、零部件加工；数控机床制造；工业机器人制造；智能车载设备制造；新能源原动设备制造；通信 设备制造；通用设备制造（不含特种设备制造）；输配电及控制设备制造；交通及公共管理用金属标牌 制造（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - A new company, Ma'anshan Guangqiu CNC Machine Tool Co., Ltd., has been established with a registered capital of 3 million RMB, focusing on various machine tool sales and related services [1] Company Summary - The legal representative of the newly established company is Chen Xiaowei [1] - The registered capital of the company is 3 million RMB [1] - The company operates in the general project category, including sales of CNC machine tools, metal forming machine tools, and metal cutting machine tools [1] - Additional sales activities include machine tool functional components, mechanical parts, and various types of machinery and tools [1] Industry Summary - The company is involved in the sales of various machinery and tools, indicating a focus on the manufacturing and industrial equipment sector [1] - The operational scope includes import and export activities, suggesting potential international market engagement [1] - The company also provides installation services for general machinery and equipment repair, highlighting a comprehensive service offering in the machinery sector [1]

天眼查App显示，近日，一克钢金属科技（无锡）有限公司成立，法定代表人为王保安，注册资本500 万人民币，经营范围为一般项目：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广； 金属结构制造；金属成形机床制造；锻件及粉末冶金制品制造；通用零部件制造；模具制造；金属链条 及其他金属制品制造；金属材料销售；金属结构销售；金属成形机床销售；锻件及粉末冶金制品销售； 模具销售；磁性材料销售；非金属矿及制品销售；有色金属合金销售；金属链条及其他金属制品销售； 包装材料及制品销售；金属制品销售；货物进出口；技术进出口；进出口代理；普通机械设备安装服 务；信息咨询服务（不含许可类信息咨询服务）（除依法须经批准的项目外，凭营业执照依法自主开展 经营活动）。 ...

天眼查App显示，近日，重庆惟深数控机床有限公司成立，法定代表人为黄正，注册资本35万人民币， 经营范围为一般项目：数控机床销售；金属切削机床销售；金属成形机床销售；机床功能部件及附件销 售；光电子器件销售；轴承、齿轮和传动部件销售；信息技术咨询服务；技术服务、技术开发、技术咨 询、技术交流、技术转让、技术推广；通用设备修理；专用设备修理；五金产品零售；软件开发。（ 除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

Core Viewpoint - The A-share market experienced a collective decline on December 4, with the Shanghai Composite Index down by 0.19%, while the machine tool sector showed strength, indicating potential investment opportunities in this area [1][3]. Group 1: Market Performance - On December 4, the A-share market saw all three major indices decline, with the Shanghai Composite Index falling by 0.19% [1]. - The machine tool sector performed well, with the machine tool ETF (159663) rising by 0.43% [1]. Group 2: Machine Tool Industry Insights - The China Machine Tool Industry Association reported that from January to October 2025, the total import and export value of machine tool products reached $27.42 billion, a year-on-year increase of 5.7% [3]. - The import value was $8.48 billion, up by 1.4%, while the export value was $18.94 billion, increasing by 7.7% [3]. - For metal cutting machine tools, imports were valued at $3.95 billion (up 0.6%), and exports were $5.1 billion (up 13.6%) [3]. - Metal forming machine tool imports decreased by 9.8% to $0.52 billion, while exports surged by 38.2% to $2.8 billion [3]. - Huaylong Securities noted that the current industry exports are outperforming domestic demand due to global supply chain restructuring and industrialization needs in emerging markets [3]. - The report suggests focusing on companies with core technological breakthroughs, strong international capabilities, and those that can quickly respond to and serve small and medium enterprises [3].