机构观点 经济观察网长盛轴承（300718）(300718.SZ)近7天股价呈现震荡走势，区间涨跌幅为1.36%。具体来 看，02月06日收盘价78.78元(单日涨跌幅+1.00%)，02月09日涨至79.90元(+1.42%)，02月10日进一步上 行至80.59元(+0.86%)，但02月11日回调至79.01元(-1.96%)，02月12日微涨0.06%至79.06元。期间成交活 跃度波动较大，02月10日成交额达5.24亿元(换手率3.37%)，02月12日缩量至1.49亿元(换手率0.97%)。技 术面显示股价当前处于20日布林线下轨附近，压力位86.13元，支撑位76.51元。 以上内容基于公开资料整理，不构成投资建议。 机构对长盛轴承关注度一般，近期舆情偏中性。根据盈利预测，18家机构预计2025年净利润同比增长 15.07%至2.64亿元，13家机构预测2026年净利润增速进一步升至16.83%。行业方面，民生证券2月11日 报告指出，制造业升级背景下，机械设备等周期红利板块值得关注。当前机构评级以中性为主。 ...

Summary of Conference Call Notes Industry Overview Humanoid Robot and EV Supply Chain - The conference focused on the China humanoid robot and EV supply chain sector, with meetings held from January 19-22, 2026, involving various companies in the robotics and automotive sectors [1] - Major component suppliers are preparing for the debut of Tesla's Optimus Gen 3 in the first half of 2026, with batch shipments expected in the second half of 2026 [1] - Suppliers for Unitree's humanoid robot anticipate significant year-over-year shipment growth in 2026, leading to over 100% growth in humanoid robot-related sales [1] - Key component manufacturers are increasing production capacity and expect cost reductions through mass production and product standardization [1] Auto/EV OEMs & Supply Chain Sales Trends and Cost Pressures - Weak auto and EV sales trends are continuing into January 2026, attributed to cuts in EV purchase tax subsidies and incomplete trade-in subsidies [2] - Chery plans to launch new models post-Lunar New Year in February 2026 [2] - BOM (bill of materials) costs for EV models are estimated to increase by approximately RMB4,500-5,000 due to rising prices of lithium carbonate, memory, copper, and aluminum [2] - Seyond expects price reductions in LiDAR, which may alleviate some cost pressures for OEMs [2] Battery Sector Growth and Cost Management - CALB and Gotion are targeting over 50% year-over-year shipment growth, aiming for 180 GWh and 150 GWh respectively in 2026, driven by ESS demand and electrification of commercial vehicles [3] - Both companies plan to expand their effective capacities to 200 GWh by 2026 [3] - Upstream cost pressures from lithium carbonate and LiPF6 are expected to be partially passed through to customers, with ESS customers more likely to accept price hikes than EV customers [3] Company-Specific Insights Wolong Electric - Anticipates humanoid robot-related revenue to double year-over-year in 2026, with a projected revenue of around RMB100 million from humanoid robots in 2025 [8] - The company is investing in a data collection center for humanoid robots, focusing on motion capture [8] ZD Leader - Expects humanoid robot-related revenue to increase from RMB50 million in 2025 to over RMB100 million in 2026, driven by orders from a leading local robot maker [9] - The average selling price of its planetary reducers is expected to decline in the long term [9] Changsheng Bearing - Currently, humanoid robot-related revenue accounts for less than 1% of total revenue, but significant growth is expected [10] - Management anticipates a 20% CAGR in the auto industry, supported by rising content value and market share gains [10] Precision Tsugami China - Achieved over 15,000 unit shipments of machine tools in 2025, with a revenue of over RMB5 billion [11] - Management expects over 10% year-over-year shipment growth in 2026, driven by demand from various sectors [11] Seyond - Projects over 1 million units of LiDAR shipments in 2026, with a focus on ADAS products [13] - Expects average selling prices to drop but gross profit margins to improve due to economies of scale [13] Inovance - Expects continued recovery in the factory automation sector, with strong demand from the battery and 3C sectors [14] - New businesses in robotics and industrial software are anticipated to drive long-term growth [15][16] Hengli Hydraulic - Aims for 20-30% revenue growth in 2026, with significant contributions from its partnership with Caterpillar [17] - Targets RMB300-500 million in sales from screw and linear guide business in 2026 [18] CALB - Targets over 180 GWh in battery shipments for 2026, with a focus on mid-to-high-end EV models [19] - Plans to increase production capacity to 200 GWh by 2026 and expects to pass through lithium carbonate price hikes to customers [20][21] JAC - Expects a net loss of RMB1.68 billion in 2025 but aims for 50,000 units shipment for its Maextro brand in 2026 [23] - The Maextro brand is expected to improve profitability in 2026 due to rising capacity utilization [23] Gotion Hi-Tech - Targets 150 GWh in battery shipments for 2026, with significant expansion in production capacity planned [27][28] Chery - Aims for 3 million units in volume sales for 2026, with a 50% penetration rate for EV sales [30] - Expects stable net profit per vehicle despite BOM cost increases [31] Bethel - Projects over 20% revenue growth in 2026, with a focus on new product introductions [32] - Anticipates relatively weak customer orders in the first quarter of 2026 [32] Conclusion - The conference highlighted significant growth opportunities in the humanoid robot and EV sectors, with various companies preparing for increased demand and addressing cost pressures through strategic planning and partnerships.

Group 1 - The stock price of Changsheng Bearing dropped by 5.02% to 82.05 CNY per share, with a trading volume of 814 million CNY and a turnover rate of 5.01%, resulting in a total market capitalization of 24.515 billion CNY [1] - Changsheng Bearing, established on June 14, 1995, and listed on November 6, 2017, specializes in the research, production, and sales of self-lubricating bearings and high-performance polymers [1] - The revenue composition of Changsheng Bearing includes: 48.26% from metal-plastic polymer self-lubricating rolled bearings, 25.44% from bimetal boundary lubricated rolled bearings, 23.51% from metal-based self-lubricating bearings, and 2.79% from other sources [1] Group 2 - Among the top ten circulating shareholders of Changsheng Bearing, a fund under Southern Fund holds a position, specifically the Southern CSI 1000 ETF (512100), which reduced its holdings by 9,600 shares to 1.0922 million shares, representing 0.56% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) has a current scale of 78.996 billion CNY and has achieved a year-to-date return of 11.52%, ranking 1478 out of 5580 in its category, with a one-year return of 47.26%, ranking 1699 out of 4271 [2]

证券日报网1月20日讯，长盛轴承（300718）在接受调研者提问时表示，公司目前产能利用率处于正常 水平，部分产品的扩产项目正在有序推进中，产能不会成为业务发展的瓶颈。 ...

证券日报网1月20日讯，长盛轴承（300718）在接受调研者提问时表示，公司目前所有产能均位于国 内，产品以出口方式供应全球市场。得益于部分产品重量轻、体积小的特点，运输成本可控，当前模式 能有效满足海外客户需求。 ...

Core Viewpoint - Changsheng Bearing (300718) has developed metal-based self-lubricating bearings for the nuclear power sector, which are characterized by high load capacity, self-lubrication, resistance to high temperature and humidity, radiation resistance, and maintenance-free operation. The product lifespan can align with the lifecycle of the power unit, allowing for a full cycle without replacement, and has been certified by the China Nuclear Energy Association to meet international advanced standards [1] Group 1 - The company's self-lubricating bearings for nuclear power applications possess features such as high load capacity and maintenance-free operation [1] - The product lifespan is designed to synchronize with the lifecycle of the nuclear power unit, enabling full-cycle use without the need for replacement [1] - The company has established a client relationship with the State Power Investment Corporation and is actively seeking to expand its customer base [1]

证券日报网1月20日讯 ，长盛轴承在接受调研者提问时表示，公司产品主要应用在工程机械的挖掘机、 铺路机、分类机、混凝土机及叉车等的运输设备。公司为客户提供了可靠的综合解决方案，产品具有低 噪音、长寿命、高载荷的特性，可以有效适应矿山、野外等恶劣工况。公司的竞争优势在于深厚的技术 积累、稳定的产品质量以及与全球主流主机厂建立的长期战略合作关系。未来，公司将通过持续的材料 与工艺创新，巩固在该领域的领先地位。 （文章来源：证券日报） ...

Group 1: Company Overview - The company specializes in the research, production, and sales of self-lubricating bearings and high-performance polymers, with main products including self-lubricating bearings, modified engineering plastics, and fluoroplastics [2][3]. - The self-lubricating bearings developed by the company are lightweight, maintenance-free, low-noise, cost-effective, long-lasting, high-load, and corrosion-resistant, widely used in industries such as automotive, construction machinery, robotics, clean energy, port machinery, plastic machinery, and general equipment [3]. Group 2: Market Position and Performance - The automotive industry is the largest downstream sector for the company, accounting for approximately 80% of its revenue, followed by construction machinery [3]. - In 2025, major excavator manufacturers sold 235,257 units, representing a 17% year-on-year increase, indicating a significant recovery in the construction machinery sector, which positively impacts the company's related business [3]. Group 3: Product Applications and Innovations - The company is actively expanding its applications in the robotics sector, with some products already in mass production, although this segment currently represents a small portion of overall business [3]. - In the nuclear power sector, the company's metal-based self-lubricating bearings have advantages such as high load capacity, self-lubrication, high temperature and humidity resistance, radiation resistance, and maintenance-free operation, achieving international advanced levels [3]. Group 4: Production Capacity and Supply Chain Management - The company's current production capacity utilization is at a normal level, with expansion projects underway, ensuring that capacity will not become a bottleneck for business development [3]. - To address fluctuations in raw material prices, the company has implemented a pricing mechanism linked to raw material costs and is optimizing product structure to enhance core technological innovation capabilities [4]. Group 5: Competitive Advantages - The company's products are primarily used in construction machinery such as excavators, pavers, classifiers, concrete machines, and forklifts, providing reliable comprehensive solutions with features like low noise, long lifespan, and high load capacity [4]. - The competitive advantages include deep technical accumulation, stable product quality, and long-term strategic partnerships with global leading manufacturers [4].

Group 1 - The core viewpoint of the news is that Changsheng Bearing has shown positive financial performance and trading activity, with a notable increase in stock price and trading volume on January 16 [1] - On January 16, Changsheng Bearing's stock price increased by 2.33%, with a trading volume of 838 million yuan. The net financing purchase on that day was 13.58 million yuan, with a total financing and securities balance of 796 million yuan [1] - As of January 16, the financing balance of Changsheng Bearing was 794 million yuan, accounting for 3.17% of its circulating market value [1] Group 2 - As of September 30, the number of shareholders of Changsheng Bearing increased to 73,000, a rise of 6.5%, while the average circulating shares per person decreased by 6.11% to 2,655 shares [2] - For the period from January to September 2025, Changsheng Bearing achieved an operating income of 935 million yuan, representing a year-on-year growth of 11.97%, and a net profit attributable to the parent company of 188 million yuan, up by 11.01% [2] - Since its A-share listing, Changsheng Bearing has distributed a total of 747 million yuan in dividends, with 394 million yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, among the top ten circulating shareholders of Changsheng Bearing, Hong Kong Central Clearing Limited was the fifth largest shareholder, increasing its holdings by 1.425 million shares to 2.5488 million shares [3] - The Southern CSI 1000 ETF ranked as the eighth largest circulating shareholder, reducing its holdings by 9,600 shares to 1.0922 million shares [3]

证券代码：300718 证券简称：长盛轴承 公告编号：2026-001 浙江长盛滑动轴承股份有限公司 关于实际控制人的一致行动人减持股份计划 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江长盛滑动轴承股份有限公司（以下简称"公司"）于 2025 年 11 月 13 日披露 了《关于实际控制人的一致行动人减持股份的预披露公告》（公告编号：2025-066）， 孙薇卿女士计划自公告披露之日起十五个交易日后的一个月内，即 2025 年 12 月 5 日至 2026 年 1 月 4 日期间，通过大宗交易方式减持公司股份不超过 5,940,000 股，占公司股 份总数的 1.99%，占已剔除公司回购专用证券账户中的股份数量后的公司股份总数的 2.00%。 公司于 2025 年 12 月 22 日在巨潮资讯网（www.cninfo.com.cn）披露了《关于实际 控制人的一致行动人权益变动触及 1%及 5%整数倍暨权益变动的提示性公告》（公告编 号：2025-068），孙薇卿女士于 2025 年 12 月 5 日至 2025 年 12 月 22 日期间，通过大 宗交易方式减持公司股份 2,471 ...