证券研究报告·公司深度报告 2026 年 2 月 2 日 江海证券研究发展部 机械军工行业研究组 分析师：张诗瑶 执业证书编号：S1410524040001 | 投资评级： 持有（首次） | | --- | | 当前价格: 41.7元 | | 总股本(百万股) | | 89.15 | | | | | | --- | --- | --- | --- | --- | --- | --- | | A 股股本(百万股) | | 89.15 | | | | | | B/H 股股本(百万股) | | -/- | | | | | | A 股流通比例(%) | | 28.80 | | | | | | 12 个月最高/最低(元) | | | | 69.80/39.83 | | | | 第一大股东 | | | | | | 衢州志高掘进控股有限公司 | | 第一大股东持股比例(%) | | 33.18 | | | | | | 上证综指/沪深 300 | 4136.16/4702.50 | | | | | | | 数据来源：聚源 | 年 1 月 | 日数据 | 注：2026 | | 23 | | % 1 个月 3 个月 12 个月 ...

从资金流向上来看，当日工程机械板块主力资金净流出2.61亿元，游资资金净流入3.29亿元，散户资金净 流出6844.18万元。工程机械板块个股资金流向见下表： 证券之星消息，2月2日工程机械板块较上一交易日下跌2.26%，志高机械领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600984 | 建设机械 | 4.12 | 3.52% | 66.01万 | | 2.75亿 | | 603273 | 天元智能 | 66'81 | 0.42% | 2.96万 | | 5671.59万 | | 301279 | 金道科技 | 31.66 | -0.41% | ● 1.68万 | | 5359.39万 | | 001226 | 拓山重工 | 51.53 | -0.58% | 2.54万 | | 1.34亿 | | 601100 | 恒立液压 | 107.4 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 02 月 02 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 两部门发文完善发电侧容量电价机制，关注北交所储能产业链标的 ——北交所科技成长产业跟踪第六十二期（20260201） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 国家发展改革委、国家能源局印发《关于完善发电侧容量电价机制的通知》。近日国家发展改革委、国 家能源局联合印发《关于完善发电侧容量电价机制的通知》（发改价格〔2026〕114 号，以下简称《通 知》）。《通知》提出，适应新型电力系统和电力市场体系建设需要，分类完善煤电、气电、抽水蓄能、 新型储能容量电价机制。根据 CNESA 信息，截至 2025 年底，中国电力储能累计装机规模达 213.3GW， 同比增长 54%。储能技术路线格局发生重大重塑：以锂离子电池为代 ...

Market Overview - The engineering machinery sector experienced a decline of 1.06% on January 29, with Zhigao Machinery leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Individual Stock Performance - Notable gainers in the engineering machinery sector included: - Construction Machinery (600984) with a closing price of 4.08, up 4.08% on a trading volume of 605,000 shares and a transaction value of 245 million [1] - Shaoyang Hydraulic (301079) closed at 43.28, up 1.81% with a trading volume of 113,000 shares and a transaction value of 487 million [1] - Tietuo Machinery (920706) closed at 28.45, up 1.72% with a trading volume of 39,300 shares and a transaction value of 111 million [1] - Decliners included: - Zhigao Machinery (920101) closed at 45.72, down 3.75% with a trading volume of 45,200 shares and a transaction value of 211 million [2] - Hengli Hydraulic (601100) closed at 108.90, down 3.03% with a trading volume of 106,600 shares and a transaction value of 1.17 billion [2] - Tuoshan Heavy Industry (001226) closed at 48.78, down 3.02% with a trading volume of 13,300 shares and a transaction value of 66.05 million [2] Capital Flow Analysis - The engineering machinery sector saw a net outflow of 322 million from institutional investors, while retail investors contributed a net inflow of 162 million [2] - Key stocks with significant capital flow included: - Xugong Machinery (000425) with a net inflow of 60.78 million from institutional investors, but a net outflow of 32.23 million from retail investors [3] - Hailunzhe (300201) had a net inflow of 35.86 million from institutional investors, while retail investors experienced a net outflow of 45.19 million [3] - Construction Machinery (600984) saw a net inflow of 31.44 million from institutional investors, with a net outflow of 27.89 million from retail investors [3]

每经讯，2026年1月28日，北交所上市公司志高机械（920101，收盘价：47.5元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到30.37%，成交数量779.57万股，成交金额3.67亿元。买一席位为国金证券股份有限公司深圳分公司，买入 1441.13万元；卖一席位为平安证券股份有限公司深圳深南东路罗湖商务中心证券营业部，卖出1308.26万元。 | | 2026-01-28志高机械 (920101) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额 | 卖出金额 | | | | (元) | (元) | | नेट ग | 国金证券股份有限公司深圳分公司 | 14411319.76 | 7508339.9 | | 买2 | 华泰证券股份有限公司成都蜀金路证券营业部 | 10153200.51 | 14445 | | ऋ३ | 华泰证券股份有限公司上海武定路证券营业部 | 9020791.97 | 277121.01 | | ग्रेने | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 7128970.93 | 154 ...

Group 1 - The core viewpoint of the news is that Zhejiang Zhigao Machinery Co., Ltd. is conducting a public offering of shares and will hold an online roadshow on August 4, 2025, to engage with investors [1][2] - The company specializes in the research, production, sales, and service of rock drilling equipment and air compressors, recognized as a "specialized and innovative" small giant enterprise in China [1][2] - Zhigao Machinery has a diverse product line with over 400 models, including integrated and split drilling rigs, and industrial screw machines, catering to various application scenarios in mining, construction, and petrochemical industries [1][2] Group 2 - The company is one of the few domestic manufacturers that possess the capability to produce core components for hydraulic rock drills and screw machines, achieving high-end manufacturing standards [2] - The public offering consists of 21,481,488 shares, with an option for overallotment of 15%, potentially increasing the total to 24,703,711 shares if fully exercised [2] - The subscription date for the new shares is set for August 5, 2025, with an issue price of 17.41 yuan per share, and the stock will be listed on the Beijing Stock Exchange under the code 920101 [2]

了解本次路演活动，请点击：https://rs.p5w.net/html/148422.shtml 志高机械向不特定合格投资者公开发行股票并在北交所上市网上路演于2025年08月04日（星期一） 14:00-16:00在全景路演举行。 路演现场，公司方在回复投资者提问时表示，公司产品主要应用于工程和工业领域，近年来国内经济的 恢复发展，基础设施建设需求的提升，"一带一路"相关国家采矿以及基础设施建设的相关需求均给公司 产品的未来发展带来了良好的市场空间，市场前景良好。 ...

了解本次路演活动，请点击：https://rs.p5w.net/html/148422.shtml 志高机械向不特定合格投资者公开发行股票并在北交所上市网上路演于2025年08月04日（星期一） 14:00-16:00在全景路演举行。 路演现场，公司方在回复投资者提问时表示，"一带一路"市场方面，公司已积极开发俄罗斯、沙特、哈 萨克斯坦、蒙古国、土耳其等"一带一路"沿线国家的优质经销商客户网络资源。未来公司将进一步拓展 其他"一带一路"沿线国家客户资源，实现销售渠道网络覆盖区域的多元化。 ...

Core Viewpoint - The company, Zhigao Machinery, is conducting an online roadshow for its public offering of shares on the Beijing Stock Exchange, highlighting significant growth in overseas revenue driven by high-end drilling and screw machine products [1] Group 1: Company Performance - The company has experienced a notable increase in overseas revenue, attributed to the continuous development of high-end drilling and screw machine products, which have high technical manufacturing barriers [1] - The recognition of these products by customers often leads to repeat purchases, serving as a primary driver for the growth in overseas revenue [1] Group 2: Future Outlook - The company plans to intensify efforts to expand its network of qualified overseas distributors, anticipating sustained growth in its overseas business in the future [1]

Core Viewpoint - Zhigao Machinery is conducting a public offering of shares to unspecified qualified investors and will hold an online roadshow on August 4, 2025, showcasing its focus on rock drilling equipment and air compressors [1] Group 1: Company Overview - Zhigao Machinery is a national high-tech enterprise specializing in the research, production, sales, and service of rock drilling equipment and air compressors [1] - The company is recognized as one of the fourth batch of specialized and innovative "little giant" enterprises in China [1] Group 2: Product Offerings - Zhigao Machinery has developed over 400 products, including integrated drilling rigs, split drilling rigs, engineering screw compressors, and industrial screw compressors [1] - The products are widely used in key sectors such as mining, construction, equipment manufacturing, and petrochemical industries [1]