Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

自2023年2月份开始，我国新能源重卡销量一直保持同比增长，这样令人惊叹的纪录最终定格在"36连增"。 2026年2月份，新能源重卡市场出现了自2023年2月份以来的首次同比下降，请看第一商用车网的分析报道。 2月实销7435辆，同比下降9%，连增势头中断 根据第一商用车网掌握的最新数据，2026年2月份，国内新能源重卡市场共计销售7435辆（注：本文数据来源为交强险实销口径，不 含出口和军车，下同），环比1月份下降54%，同比也出现下滑，降幅为9%。第一商用车网分析认为，2月份新能源重卡终端销量出现 环比、同比双降实际上并不意外。原因主要有两方面：一是受到春节假期影响（2026年2月份春节假期长达9天）；其二则是由于2026 年新能源汽车购置税由减免变减半，2025年年底大量用户提前购买一定程度上影响了今年一季度市场需求。 上图可见，与过去相当长一段时间内，当月销量比之前任何一年同期销量高出一截的情况不同，代表2026年2月份的红色柱体落到了 2025年同期销量之下，这是新能源重卡市场自2023年2月份以来首次出现同比下滑，新能源重卡市场这一轮的连增势头最终定格在 了"36连增"，这一纪录未来恐怕很难再被打 ...

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]

其中，微挖凭借零尾回转设计，在狭窄施工空间内展现出卓越的机动性能；中挖实现挖掘性能强劲、操控精准 且作业高效的多重优势；起重机配备智能前窗系统，显著提升操作安全性与驾乘舒适度；新一代装载机则集成 了自动限位、一键抖料、平行举升等先进智能功能，可大幅提升施工效率与作业经济性。 "北美市场是全球工程机械行业的高端标杆市场，也是三一集团国际化战略的核心布局区域。"三一集团工作人 员接受《证券日报》记者采访时表示，北美市场有着极为严苛的行业准入标准与产品性能要求，客户不仅关注 设备本身的排放合规性、作业稳定性与智能化水平，更对全生命周期服务保障、定制化场景解决方案有着极高 的要求。"针对北美市场的核心需求，我们坚持'适应本土化需求、针对需求开发、结合本土化服务'的深耕策 略，本次带来的新品全部符合北美最新排放标准，针对市政施工、园林建设、矿山开采、港口物流等本土高频 工况完成了定制化优化。 未来，我们将持续加大在北美市场的研发投入与渠道布局，完善全链条服务体系，以更贴合本土需求的 产品与服务，进一步提升三一品牌在北美高端市场的渗透率与影响力，让中国智造深度融入北美基建与产业发 展进程。" AI智能解决方案展示区域，无 ...

记者丨 严恺炜 编辑丨池伟嘉 金珊 据韩国预托结算院（KSD）旗下SEIbro数据显示，截至3月11日，韩国股民近一个月净买入居前A股标的分别是： 三一重工、中国电建、光迅 科技、许继电气、中国西电、浙能电力、长电科技、国电南瑞和特变电工 。 近一个月净买入居前港股标的分别是： 中国能源建设、MiniMax、哈尔滨电气、澜起科技、金风科技、中国电力、中广核电力和百度 。 与2025年相比，韩国散户最新交易居然体现出浓浓的HALO含量。买入的这些公司大都是电力设备、工程机械、化工等行业，恰恰是高盛定义 的HALO资产。 大家都知道，韩国散户投资风格激进，喜欢高杠杆交易。中国股市2024年9月启动后，2025年中国成为韩国散户第二大海外投资目的地。 当风险偏好最高的群体都在买入HALO资产，说明两件事。 此外，据财联社报道，过去一个月，在韩国投资者净买入A股证券前20名的名单中，有3只ETF在列， 分别是银华中证创新药产业ETF、嘉实 上证科创板芯片ETF、易方达中证人工智能主题ETF 。其中，银华中证创新药产业ETF是过去一个月韩国投资者净买入最多的ETF，净买入金 额为148.05万美元。 | 순위 | 국가 ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The machinery equipment industry is experiencing sustained growth, with February exports exceeding expectations. The main drivers are the "replacement cycle and external demand" [1][6]. - Domestic sales of excavators slightly decreased in January-February 2026, while exports continued to grow significantly. The overall upward trend for the year remains unchanged despite short-term fluctuations due to the Spring Festival [6]. Summary by Sections Market Review - In February 2026, the Shenwan Machinery Index rose approximately 7.35%, outperforming the Shanghai Composite Index by 6.26 percentage points and the CSI 300 by 7.26 percentage points [13]. - The performance of different segments includes: - Complete machine manufacturing for earthmoving/concrete/lifting machinery: -1.7% - Complete machine manufacturing for others: 2.5% - Components: 20.7% [13]. Industry Tracking - Excavator sales in January-February 2026 totaled 35,934 units, a year-on-year increase of 13.10%. Domestic sales were 15,478 units, down 9.19%, while exports reached 20,456 units, up 38.8% [18]. - Loader sales for the same period were 21,299 units, a year-on-year increase of 27.9%. Domestic sales were 9,156 units, up 11.5%, and exports were 12,143 units, up 43.9% [18]. Macro Dynamics - In February 2026, the manufacturing PMI fell to 49.0%, indicating a seasonal decline. However, high-tech manufacturing PMI remains in the expansion zone at 51.5% [48]. - The government has clarified its fiscal strategy, planning to issue 4.4 trillion yuan in special bonds and 800 billion yuan in ultra-long-term special bonds to support large-scale equipment updates [48]. Key Targets - Recommended leading manufacturers include: - Zoomlion Heavy Industry (000157) - Sany Heavy Industry (600031) - XCMG (000425) - LiuGong (000528) [6]. - Core component manufacturers to focus on: - Hengli Hydraulic (601100) - Aidi Precision (603638) - Fushite (301446) [6].

[Table_Reportdate] 2026年03月10日 [table_invest] 超配 行 业 简 评 [证券分析师 Table_Authors] 商俭 S0630525060002 行 业 研 究 械 设 备 [table_product] shangjian@longone.com.cn [table_stockTrend] -34% -20% -6% 8% 22% 36% 50% 25-03 25-06 25-09 25-12 申万行业指数:机械设备(0764) 沪深300 [Table_NewTitle 挖掘机出口持续向好 ] ，龙头募资投向全 球化和智能化 ——机械设备行业简评 [table_main] 投资要点： 机 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 事件：中国工程机械工业协会发布2026年2月主要企业挖掘机和装载机销量统计。 ➢ 挖掘机：2026年2月销售各类挖掘机17226台，同比下降10.6%，其中国内销量6755台， 同比下降42%；出口销量10471台，同比增长37.2%。2026年2月销售电动挖掘机35 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The report highlights a strong post-holiday resumption of work in March, indicating a positive outlook for the engineering machinery industry [4] - Excavator sales in February 2026 were 17,226 units, down 10.6% year-on-year, with domestic sales at 6,755 units, down 42%, while exports increased by 37.2% [4] - The report anticipates that March excavator sales could be 1.5 to 1.8 times the combined sales of January and February, projecting a year-on-year growth of approximately 20% [4] - The export market remains robust, with a 5% month-on-month increase in excavator exports in February, driven by strong overseas demand [4] - Investment suggestions include focusing on hydraulic component manufacturers and major engineering machinery manufacturers, with specific recommendations for companies like Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion [4] Summary by Sections Sales Performance - In January and February 2026, a total of 35,934 excavators were sold, reflecting a year-on-year increase of 13.1% [4] - Domestic sales for the same period were 15,478 units, down 9.19%, while exports reached 20,456 units, up 38.8% [4] Market Conditions - The report notes that the decline in domestic sales is primarily due to the impact of the Chinese New Year, with a significant drop in local government bond issuance in February [4] - The construction activity is improving, with a recovery rate of 23.5% for construction sites as of March 4, 2026, and a labor utilization rate of 29.7% [4] Future Outlook - The report expresses optimism for March, citing improved labor and funding conditions, particularly in high-speed rail, water conservancy, and housing projects [4] - The report emphasizes that the industry is approaching a phase of internal and external resonance, with a favorable outlook for both domestic and export markets [4]

Investment Rating - The report assigns an "Accumulate" rating for the industry, indicating a positive outlook for investment opportunities [4]. Core Insights - The industry is experiencing a cyclical recovery domestically, with structural improvements in export demand. The gradual implementation of counter-cyclical fiscal policies is expected to sustain the industry's positive momentum [2]. - Domestic sales of excavators are projected to rebound as the industry cycle turns upward, with leading companies enhancing their overseas presence and entering a harvest phase. The operational leverage within the industry is anticipated to gradually release [4]. Summary by Sections Industry Fundamentals - In February 2026, a total of 17,226 excavators were sold, representing a year-on-year decline of 10.6%. Domestic sales accounted for 6,755 units (including 19 electric excavators), down 42% year-on-year, while exports reached 10,471 units (including 16 electric excavators), marking a year-on-year increase of 37.2% [4]. - For January to February 2026, a total of 35,934 excavators were sold, reflecting a year-on-year growth of 13.1%. Domestic sales were 15,478 units (including 43 electric excavators), down 9.19%, while exports totaled 20,456 units (including 27 electric excavators), up 38.8% [4]. - The share of domestic sales in total sales for February 2026 was 39%, while exports accounted for 61%. For January to February 2026, domestic sales represented 43% and exports 57% of total sales [4]. Operating Hours and Rates - The average working hours for major construction machinery products in February 2026 was 55 hours, showing a year-on-year increase of 18.6% but a month-on-month decrease of 24.1%. Specific working hours included excavators at 48.2 hours and loaders at 69.9 hours [4]. - The operating rate for major construction machinery products in February 2026 was 35.9%, down 8.63 percentage points year-on-year and 12.2 percentage points month-on-month. Excavators had an operating rate of 36.5% [4]. Company Recommendations - Recommended stocks include SANY Heavy Industry, Zoomlion Heavy Industry, XCMG, Liugong, and Hengli Hydraulic, all expected to benefit from the industry's recovery and growth [4].

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the engineering machinery sector [2][4]. Core Insights - The engineering machinery industry shows an upward trend in sales, with a total of 17,226 excavators sold in February 2026, a year-on-year decrease of 10.6%. However, the cumulative sales for January-February 2026 reached 35,934 units, reflecting a year-on-year increase of 13.1% [2][4]. - Exports have significantly exceeded market expectations, with excavator exports in February 2026 increasing by 37.2% year-on-year, and cumulative exports for January-February 2026 growing by 38.8%. Exports accounted for 60.8% of total sales in February, marking a historical high [2][4]. - Domestic sales saw a decline of 42% in February 2026, attributed to the timing of the Spring Festival, rather than a weakening demand. The actual demand remains resilient when adjusted for working days [4]. - The report anticipates a synchronization of domestic and international sales, with a potential surge in domestic demand as the traditional construction season begins in March 2026 [4]. - The report highlights key investment opportunities in the engineering machinery sector, focusing on major manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as well as component suppliers like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing [4]. Summary by Sections Sales Performance - In February 2026, a total of 17,226 excavators were sold, down 10.6% year-on-year. Domestic sales were 6,755 units, down 42%, while exports reached 10,471 units, up 37.2% [2][4]. - Cumulative sales for January-February 2026 were 35,934 units, with domestic sales at 15,478 units (down 9.19%) and exports at 20,456 units (up 38.8%) [2][4]. Market Dynamics - The engineering machinery industry is experiencing a recovery trend, with strong export growth and resilient domestic demand expected to drive future performance [4]. - The report notes that the current domestic industry cycle resembles the upward phase of the 2017-2018 renewal cycle, suggesting a robust recovery ahead [4]. Investment Opportunities - The report identifies key companies for investment consideration, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui for main machinery, and Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing for components [4].