公司代码：688556 公司简称：高测股份 转债代码：118014 转债简称：高测转债 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2重大风险提示 报告期内，公司未发现可能会对公司经营产生实质性影响的特别重大风险。公司已在本报告"第三节 管 理层讨论与分析"之"四、风险因素"中阐述了公司在经营过程中可能面临的风险，敬请广大投资者务必 仔细阅读并注意投资风险。 1.3本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.4公司全体董事出席董事会会议。 1.5本半年度报告未经审计。 1.6董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 1.7是否存在公司治理特殊安排等重要事项 □适用 √不适用 第二节 公司基本情况 2.1公司简介 公司股票简况 ■ 公司存托凭证简况 □适用 √不适用 联系人和联系方式 ■ 2.2主要财务数据 单位：元 币种：人民币 ■ 2.3前1 ...

[Table_FixedGain] 固收周报 20250825：转债市场分歧正在累积 1）在维持整体仓位稳健的基础上，降低部分高价标的风险敞口，增量及 回笼资金可增配 ETF 以平衡踏空风险；2）关注前期回撤较大的银行及基 建板块，和涨幅较小的地产及公用、化工板块中低价标的；3）目前我们 仍维持权益市场"慢牛"的基本判断，供需错配叠加震荡市下，转债高估 值磨顶期拐点远近或依赖于权益市场破位上行势能强弱。 固收周报 20250824：周观："股债跷跷板"的极致演绎 （2025 年第 33 期） 本周（2025.8.18-2025.8.22），10 年期国债活跃券收益率从上周五的 1.745% 上行 4bp 至 1.785%。 证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-08-29 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250828：投资于人：今年中央财政支持的重点 在中央本级一般公共预算支出方面，2025 年中央财政预算向国防支出、 科学技术支出倾斜，同时国债存量规模持续走高导致付息支出同步增长。 2025 年，中央本级一般公共预算支出预期将同比增长 2825 ...

证券研究报告·公司点评报告·自动化设备 博众精工（688097） 2025 年中报点评：业绩快速增长，3C 设备& 换电站业务齐发力 买入（上调） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,840 | 4,954 | 6,027 | 8,277 | 10,601 | | 同比（%） | 0.59 | 2.36 | 21.65 | 37.34 | 28.08 | | 归母净利润（百万元） | 390.41 | 398.39 | 554.96 | 733.21 | 933.78 | | 同比（%） | 17.80 | 2.05 | 39.30 | 32.12 | 27.36 | | EPS-最新摊薄（元/股） | 0.87 | 0.89 | 1.24 | 1.64 | 2.09 | | P/E（现价&最新摊薄） | 40.84 | 40.02 | 28.73 | 21.75 | 17.08 | [Table_Tag] [ ...

Key Insights - The report highlights the recovery of the consumer electronics cycle and the expansion into new fields as key growth drivers for the company, which is recognized as a leader in 3C equipment [4][5] - The manufacturing sector is showing signs of improvement, with PMI figures gradually approaching the growth line, indicating a potential recovery in the manufacturing industry [4][5] - The company is actively expanding into emerging fields such as humanoid robots and low-altitude economy, which are expected to drive demand for general equipment [5] Company Summaries 1. Genesis (300083) - The company is positioned as a leader in the 3C equipment sector, with a focus on expanding its product matrix into various fields, including general equipment and humanoid robots [4] - Revenue projections for 2025-2027 are estimated at 5,244 million, 5,731 million, and 6,262 million CNY, with corresponding growth rates of 14%, 9%, and 9% [5] - Net profit forecasts for the same period are 404 million, 548 million, and 659 million CNY, with growth rates of 70%, 36%, and 20% [5] 2. Weishi Jiajie (00856) - The company is transitioning from traditional distribution to becoming a provider of intelligent solutions, driven by cloud computing and AI [6] - Revenue forecasts for 2025-2027 are 1,029.52 million, 1,184.25 million, and 1,349.97 million HKD, with growth rates of 15.57%, 15.03%, and 13.99% [6] - Net profit estimates for the same period are 11.91 million, 14.13 million, and 16.30 million HKD, with growth rates of 13.26%, 18.63%, and 15.35% [6] 3. Huaya Intelligent (003043) - The company is a leading supplier of precision metal structural components for semiconductor equipment and is expanding into solid-state battery equipment [7] - Revenue projections for 2025-2027 are 1,313 million, 1,571 million, and 1,794 million CNY, with growth rates of 109.3%, 19.6%, and 14.2% [7] - Net profit forecasts for the same period are 157 million, 188 million, and 211 million CNY, with growth rates of 94.9%, 19.7%, and 11.9% [7] Industry Insights - The macroeconomic analysis indicates that the manufacturing PMI has decreased to 49.3% in July, suggesting a weakening recovery momentum [8] - The overall market sentiment remains optimistic, with expectations of a "slow bull" market despite recent adjustments [9][10] - The bond market is experiencing a new normal characterized by slow declines and rapid increases, with investors advised to remain patient for further rate decline catalysts [11]

Core Viewpoint - The mechanical sector showed an upward trend in July, with solid performance in themes such as solid-state battery equipment, humanoid robots, construction machinery, and shield machines [1][3] Investment Highlights - In July, the CITIC mechanical sector rose by 7.35%, outperforming the CSI 300 index by 2.28 percentage points, ranking 10th among 30 CITIC primary industries [2] - The top-performing sub-industries in July included laser processing equipment (up 15.53%), construction machinery (up 13.87%), and elevators (up 12.52%), while nuclear power equipment, 3C equipment, and industrial robots saw declines [2] Industry Insights and Recommendations - The company recommends focusing on domestic demand-driven sectors with strong fundamentals, stable profits, and high dividend yields, particularly in construction machinery, high-speed rail equipment, and mining metallurgy equipment [3] - Short-term market risk appetite has increased, benefiting growth sector investments, with a positive outlook for previously adjusted themes like humanoid robots and AIDC [3] - Specific recommendations include traditional construction machinery leaders (e.g., SANY Heavy Industry), high-speed rail equipment (e.g., Thinking Control), and mining metallurgy leaders (e.g., CITIC Heavy Industries, Zhongchuang Zhiling, Yituo Co., Ltd.) [3] - The company also suggests focusing on leading companies in humanoid robot components (e.g., Estun, Green Harmonic, Boke Co., Ltd.) and AIDC infrastructure beneficiaries (e.g., Invec, Yingliu Co., Ltd.) [3]

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the automotive and robotics industries, focusing on companies involved in automotive parts and robotics technology. Key Points and Arguments Automotive Parts Companies 1. Many automotive parts companies are seen as solid investment opportunities due to their strong core businesses providing valuation support [2][3] 2. The performance of light parts companies is expected to reach a valuation increase of over 20 times, driven by advancements in robotics [3] 3. The company "Huguang" has transitioned from losses to explosive growth since last year, indicating a strong recovery [2] Robotics Sector 1. The robotics market is still in its early stages, with significant room for growth as companies work on optimizing lightweight designs [6] 2. The company "Aikubi" is undergoing a transformation, focusing on precision manufacturing, which differentiates it from traditional iron companies [5] 3. There is a strong expectation for the robotics sector to gain strategic importance in economic productivity, supported by government initiatives [15] Client Relationships and Orders 1. Major clients like "Cyrus" are expected to drive demand for robotics, with the company expanding its business from automotive to robotics [4] 2. Recent orders received by companies indicate a significant increase in production capacity, with expectations for thousands of units to be ordered [16] 3. Companies are actively engaging with both domestic and international clients to expand their market presence [22] Financial Projections 1. The company "Huawei" is projected to achieve a 30% growth in earnings from 2023 to 2025, driven by strong demand for its products [18] 2. "Xushou" has a long-standing relationship with major clients, which positions it well for future orders and growth [20] 3. The overall revenue for the robotics sector is expected to see substantial growth, with projections indicating a doubling of revenue by 2027 [27] Market Dynamics 1. The recent market adjustments are attributed to profit-taking after significant gains, rather than fundamental weaknesses in the sector [14] 2. The anticipated production ramp-up in the robotics sector is expected to create a competitive landscape where only a few companies will secure substantial orders [10] Emerging Opportunities 1. Companies like "Beite Technology" and "Huaxin Original" are highlighted as potential investment opportunities due to their unique market positions and growth prospects [11][12] 2. The integration of robotics into various sectors, including automotive and industrial applications, is seen as a key growth driver [19] Additional Important Content - The call emphasizes the importance of understanding the supply chain dynamics and the need for companies to adapt to changing market conditions [10][17] - There is a focus on the technological advancements in robotics, which are expected to enhance operational efficiency and product offerings [24][25] This summary encapsulates the key insights and projections discussed during the conference call, highlighting the potential for growth and investment opportunities within the automotive and robotics industries.