机械设备行业 行业研究 | 动态跟踪 全球能源安全焦虑升温，看好矿山机械电 动化进程加速 核心观点 投资建议与投资标的 ⚫ 高油价下，全球能源安全焦虑升温，电动矿山设备优势凸显，看好电动矿用卡车、 电动矿用挖掘机等设备份额加速提升，国内相关设备厂商有望受益。相关标的： 徐 工机械(000425，未评级)、三一国际(00631，未评级)、同力股份(920599，未评 级)、北方股份(600262，未评级)。 风险提示 宏观经济波动导致投资不及预期、行业政策不及预期、矿企资本开支不及预期、矿山项 目进展不及预期、全球贸易摩擦风险 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 03 月 29 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 特斯拉 V3 即将落地，有望成为明星产品， | 2026-02-06 | | --- | --- | | 行业发展加速：——机器人产业跟踪 | | | 顺应人形机器人拟人化趋势，关注 AMR 传 | 2026-02-06 | | ...

地缘政治扰动升温，看好矿山机械景气度 持续 ——矿山机械行业报告 核心观点 投资建议与投资标的 地缘冲突背景下，有色金属价格中枢有望维持高位，全球矿业巨头持续加大并购拓展储 量，未来矿山企业扩产意愿有望加强。这将带动矿山企业资本开支高景气度持续更长时 间，推动矿山机械行业高景气。而广义的矿山机械景气度有三个阶段，包括大宗原料开 发、能源开采、建设利用，我们认为目前正处于第一阶段，相关设备企业有望受益矿山 机械行业景气度上行。相关标的：耐普矿机(300818，未评级)、徐工机械(000425，未评 级)、运机集团(001288，未评级)、同力股份(920599，未评级)、山推股份(000680，未 评级)、北方股份(600262，未评级)。 风险提示 宏观经济波动导致投资不及预期、 矿企资本开支不及预期、 矿山项目进展不及预期 机械设备行业 行业研究 | 深度报告 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 03 月 24 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326 ...

Group 1: Computer Industry - The core viewpoint is that China's AI model invocation volume has rapidly increased, surpassing the US for the first time, indicating a strong growth momentum driven by collective capabilities of domestic AI manufacturers [2][6][7] - In February, China's AI model invocation reached 41.2 trillion tokens, compared to the US's 29.4 trillion tokens, with a further increase to 51.6 trillion tokens in the following week, marking a 127% growth over three weeks [2][6] - The domestic computing power market is growing rapidly, with significant revenue increases reported by local computing power companies, indicating a trend towards value realization in the domestic computing power sector [7][9] Group 2: Food and Beverage Industry - Chongqing Beer (600132.SH) reported a stable performance in 2025, achieving revenue of 14.722 billion yuan, a year-on-year increase of 0.53%, and a net profit of 1.231 billion yuan, up 10.43% [10][11] - The beer business saw revenue of 14.298 billion yuan, with a slight increase in sales volume to 2.9952 million tons, reflecting a stable price and volume performance [12] - The company continues to upgrade its product structure, with high-end product sales increasing by 3.23%, now accounting for 50.2% of total sales [12][13] Group 3: Robotics Industry - The report highlights the company as the largest global provider of AI-enabled household robots, with over 95% of revenue coming from overseas markets, particularly in Japan, Europe, and North America [15][19] - The company has achieved a compound annual growth rate of 49% in revenue from 2022 to 2024, with a market share of 11.9% in the global household robot system products by 2024 [15][19] - New vertical applications in sports, companionship, and household robots are expected to drive future growth, with innovative products like the AI tennis robot and AI companion robot set to launch [18][19] Group 4: Transportation Industry - China Civil Aviation Information Network (00696.HK) is expected to see revenue of 8.823 billion yuan in 2024, a year-on-year increase of 26.3%, and a net profit of 2.074 billion yuan, up 48.3% [22][24] - The company is deeply integrated with the aviation industry, benefiting from a recovery in passenger volumes exceeding pre-pandemic levels, which is expected to release significant revenue potential [22][24] - The company holds a dominant position in the global GDS market, with a 95% market share in China, and is actively expanding into overseas markets [23][24] Group 5: Mining Industry - Tongli Co., Ltd. (920599.BJ) is projected to achieve a net profit of 857.99 million yuan in 2025, reflecting an 8% year-on-year increase, driven by stable growth in open-pit coal mining and high growth in non-ferrous metal mining [25][26] - The company is focusing on overseas market expansion and strengthening service capabilities, with a significant increase in demand for new energy products and autonomous vehicles [26][28] - The number of autonomous mining trucks in China is expected to double to 5,750 by 2025, indicating a growing trend towards automation in the mining sector [28]

赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 证券研究报告 机械设备 | 工程机械 北交所|公司点评报告 hyzqdatemark 2026 年 03 月 12 日 同力股份(920599.BJ) 投资评级： 买入（维持） ——2025 年归母净利润预计 yoy+8%，露天煤矿稳增长+有色金属矿高增长带动营利双增 投资要点： 风险提示：市场竞争加剧风险、工程机械行业波动风险、技术更新和产品开发风险。 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 5,860 | 6,145 | 6,597 | 7,312 | 8,042 | | 同比增长率（%） | 12.67% | 4.85% | 7.37% | 10.83% | 9.99% | | 归母净利润（百万元） | 615 | 79 ...

Group 1 - The overall revenue growth rate for companies listed on the Beijing Stock Exchange (BSE) in 2025 is 5.79%, while the net profit attributable to shareholders decreased by 8.68% compared to 2024 [2][12][14] - The average revenue for BSE companies in 2025 is 736 million yuan, with a median of 419 million yuan, showing a slight increase in average revenue but a significant drop in net profit [12][14] - In terms of revenue growth distribution, 62.71% of BSE companies reported positive revenue growth, with 185 companies achieving year-on-year growth, and 20 companies exceeding 40% growth [20][22] Group 2 - Among the five major industries on the BSE, high-end equipment, chemical new materials, consumer services, information technology, and biomedicine all achieved year-on-year revenue growth in 2025, with chemical new materials leading at 10.56% [23][26] - Only the chemical new materials sector saw a year-on-year increase in net profit, which grew by 6.63%, while other sectors experienced declines in net profit [26][30] - The top ten companies by revenue in 2025 include Beiterui, Yinuowei, and Tongli Co., with revenues of 16.983 billion yuan, 7.5 billion yuan, and 6.597 billion yuan respectively [27][30] Group 3 - The average price-to-earnings ratio (P/E) for the BSE is 49.27X, with the high-end equipment sector at 42.18X and the information technology sector at 101.19X, indicating varying valuation levels across industries [43][58] - The BSE has seen a decrease in the number of companies with P/E ratios exceeding 45X, while the number of companies with P/E ratios in the 0-30X range has increased [56][57] - The market sentiment remains stable despite a recent decline in trading activity, with the average daily trading volume for BSE A-shares at 18.162 billion yuan, down 3.69% from the previous week [50][49]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a steady annual revenue growth of 8% in 2025, driven by structural increases in green and intelligent mining equipment [7] - The growth is attributed to four strategic focuses: new energy, intelligence, large-scale production, and internationalization, with new energy products becoming the core revenue driver [7] - The company has a leading advantage in the non-road wide-body dump truck sector and is well-positioned for long-term growth through its advancements in new energy and autonomous driving technologies [7] Financial Summary - Total revenue for 2025 is projected at 65.97 billion yuan, a year-on-year increase of 7.37% [7] - The net profit attributable to shareholders is expected to be 8.58 billion yuan, reflecting an 8.19% increase year-on-year [7] - Earnings per share (EPS) for 2025 is estimated at 1.86 yuan, with a projected price-to-earnings (P/E) ratio of 11.49 [1][8] - The company anticipates continued revenue growth, with projections of 7.94 billion yuan in revenue and 1.12 billion yuan in net profit by 2027 [1][8]

证券代码：920599 证券简称：同力股份 公告编号：2026-007 陕西同力重工股份有限公司 2025 年年度业绩快报公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年 年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、2025 年年度主要财务数据和指标 二、经营业绩和财务状况情况说明 报告期内，预计公司实现营业收入 6,597,449,601.73 元，较上年同期增长 7.37%；归属于上市公司股东的净利润为 857,994,277.80 元，较上年同期增长 8.19%；归属于上市公司股东的扣除非经营性损益的净利润为 848,906,770.36 元， 较上年同期增长 9.36%；基本每股收益为 1.88 元，较上年同期增长 5.28%。 报告期末，预计公司总资产为 7,706,737,480.57 元，较上年期末增长 1.55%； 归属于上市公司股东的所有者权益为 3 ...

Group 1 - The core point of the article is the establishment of a new mining machinery company, Shaanxi Tongli Mining Machinery Co., Ltd., with a registered capital of 200 million yuan [1] - The company's business scope includes manufacturing, sales, research and development, and leasing of mining machinery and equipment [1] - The company is jointly held by Tongli Co., Ltd. and other stakeholders [1]

Group 1 - The unmanned mining truck industry is expected to develop rapidly, with demand likely to continue growing. By 2025, the number of unmanned mining trucks in China's open-pit coal mines is projected to increase to 5,750 units, up from approximately 2,500 units in 2024. The average daily transportation volume of unmanned trucks is 15%-20% higher than that of human-driven trucks, leading to an overall capacity increase of 10%-15% in mining areas [7][13][19] - Berai Technology has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become a leading provider of electric and automated mining solutions globally. The company focuses on a "unmanned + electrification" strategy to promote the green and intelligent transformation of the mining industry [7][8][9] - The unmanned mining truck market is characterized by a clear industry chain structure, with upstream components including sensors, chips, and automatic driving algorithms, while the downstream includes various mining sectors such as coal and metal mining [10][19] Group 2 - The North Exchange's technology growth stocks have shown a median price change of -1.83% as of February 6, 2026. Among 153 core stocks, 32 companies (21%) experienced price increases, with notable gainers including *ST Yun Chuang (+40.85%) and Optech (+14.44%) [35][37] - The median TTM price-to-earnings (P/E) ratio for the new energy industry has increased by 6.36% to 38.2X, while the electronic equipment sector's median P/E remains unchanged at 61.1X. The mechanical equipment sector's median P/E has decreased from 42.3X to 40.8X [40][44][62] - The North Exchange's mining truck industry chain includes seven companies, such as Tongli Co., which specializes in non-road wide-body dump trucks, and Wan Tong Hydraulic, which produces hydraulic cylinders for mining machinery. These companies are positioned to benefit from the growth in the unmanned mining truck market [21][24][25][31]

注：解除限售原因： A 董事、高级管理人员每年解除限售 B 离任董事、监事、高级管理人员解除限售 证券代码：920599 证券简称：同力股份 公告编号：2026-006 陕西同力重工股份有限公司股票解除限售公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、本次股票解除限售数量总额为 2,000,000 股，占公司总股本 0.4324%，可交 易时间为 2026 年 2 月 9 日。 | 序 | | 是否为控 股股东、 | 任 职 | 本次解 | 本次解除限 | 本次解 除限售 股数占 | 尚未解除 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股东姓名或名称 | 实际控制 | | 限售原 | 售登记股票 | | 限售的股 | | 号 | | 人或其一 | 情 | 因 | 数量 | 公司总 | 票数量 | | | | 致行动人 | 况 | | | 股本比 | | | | 陕西同力重工股 | | | | | 例 | | | | 份有限 ...