2026 年 01 月 21 日 十五五规划为行业定调，国产品牌 加速出海，一键配置工程机械核心 资产：华夏中证工程机械 ETF ——指数基金产品研究系列报告之二百六十六 证 券 研 究 报 证券分析师 方思齐 A0230525090002 fangsq@swsresearch.com 刘建伟 A0230521100003 liujw@swsresearch.com 联系人 方思齐 A0230525090002 fangsq@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 股 票 基 金 告 本研究报告仅通过邮件提供给 中庚基金 使用。2 相关研究 - ⚫ 万亿级水电项目开工，成工程机械行业核心催化剂：总投资预计超万亿的雅下水电世纪工 程正式开工。该项目建设周期长、工程体量巨大，且大量采用隧洞引水等高难度施工方式， 预计将显著拉动对高端、大型化工程机械设备的需求，为工程机械行业带来明确且持续的 增长动力，成为板块重要的投资催化剂。 ⚫ 十五五规划为行业定调：十五五规划提出"加强原始创新和关键核心技术攻关…培育壮 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920706 | 铁拓机械 | 31.02 | -5.94% | 8.45万 | 2.69 Z | | 300201 | 海伦哲 | 7.48 | -5.67% | 68.36万 | 5.16亿 | | 301079 | 邵阳液压 | 46.05 | -5.38% | 12.43万 | 5.79亿 | | 301446 | 福事特 | 38.26 | -4.83% | 3.22万 | 1.26亿 | | 920839 | 万通液压 | 41.30 | -4.18% | 1.72万 | 7212.86万 | | 301279 | 金道科技 | 33.22 | -3.29% | 2.55万 | 8580.45万 | | 301161 | 唯万密封 | 38.16 | -3.25% | 4.71万 | 1.82亿 | | 600984 | 建设机械 | 3.93 | -2.96% | 35.18万 | 266ET | | 920942 | 恒立钻具 | ...

Core Insights - The sales of new energy heavy trucks in China reached a record high of 45,300 units in December 2025, marking a 198% year-on-year increase and a 62% month-on-month increase [3][31] - The sales of charging heavy trucks alone reached 29,300 units in December, representing a 228% year-on-year growth and a 47% month-on-month increase, continuing a trend of doubling sales for 24 consecutive months [3][31] Sales Performance - In December 2025, pure electric heavy trucks accounted for 90.09% of total sales, with charging heavy trucks making up 71.83% of pure electric heavy truck sales [4][6] - The average monthly sales of charging heavy trucks in 2025 exceeded 10,000 units, with the last seven months of the year being the highest sales months to date [7][31] Market Segmentation - The main types of charging heavy trucks sold in 2025 were tractors, dump trucks, and concrete mixers, with sales of 111,200 units, 18,800 units, and 16,900 units respectively, accounting for 71.8%, 12.2%, and 10.9% of total sales [9][23] - The number of cities with registered charging heavy trucks reached 328, with 199 cities registering over 100 units, indicating widespread adoption across various regions [11] Competitive Landscape - In December 2025, 17 companies sold over 100 units of charging heavy trucks, with SANY leading the sales with 5,466 units, followed by China National Heavy Duty Truck Group with 4,575 units [13][15] - The total number of participants in the charging heavy truck market increased from 27 in 2024 to 32 in 2025, with total sales reaching 154,900 units, a 220% increase year-on-year [19][21] Market Share Analysis - In 2025, five companies achieved market shares exceeding 10%, with SANY, XCMG, FAW Jiefang, China National Heavy Duty Truck Group, and Shaanxi Automobile holding shares of 20.1%, 15.4%, 14.9%, 12.4%, and 11.5% respectively [21][23] - The market share of Shaanxi Automobile and China National Heavy Duty Truck Group saw significant increases of 4.6 and 3.4 percentage points compared to 2024 [21] Yearly Growth Trends - The sales of charging tractors increased by 269% year-on-year, while sales of charging dump trucks grew by 146%, indicating strong demand in these segments [23][27] - The top three companies in charging tractor sales for 2025 were SANY, FAW Jiefang, and XCMG, each selling over 18,000 units [25][29]

Core Viewpoint - Daiwa has reassessed its A+H share valuation premium strategy, which involves selecting A+H shares with a minimum premium of 10% to construct a monthly A-share investment portfolio, indicating that this strategy typically yields strong returns when the overall A+H premium narrows rapidly [1] Group 1: Investment Strategy Performance - The latest results show that even when the valuation gap widens or the A-share market outperforms the H-share market, the investment strategy has performed well, with cumulative relative returns increasing from approximately 90% to 107.5% over the past two months [1] - The primary drivers of this performance are attributed to the rise in global metal prices and the recent renewal cycle in China's construction machinery sector, benefiting companies such as Luoyang Molybdenum (603993), Zijin Mining (601899), Sany Heavy Industry (600031), and Weichai Power (000338) [1] Group 2: Foreign Investment Trends - There is a sustained interest from overseas investors in Chinese technology companies; however, due to geopolitical concerns, investors generally prefer holding H-shares [1] - It is anticipated that the repatriation of foreign capital will drive the market capitalization of H-shares, which are significantly lower than their A-share counterparts, including Contemporary Amperex Technology (300750), leading to a potential rapid increase in stock prices post dual listing, which may create re-rating opportunities for their A-shares [1]

格隆汇1月20日丨根据联交所最新权益披露资料显示，2026年1月14日，三一重工(06031.HK)遭JPMorgan Chase & Co.以每股均价24.2006港元减持好仓45.75万股，涉资约1107.2万港元。 减持后，JPMorgan Chase & Co.最新持好仓数目为79,245,999股，持好仓比例由11.06%下降至10.99%。 (相关资料图) ...

追加内容 本文作者可以追加内容哦 ! | REAL PRESS | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期在 | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 层类 | | | 語參閱 - 亦 * 註 | 有投票權股(日/月/年) * | | | | | | | | 份自分比 | | CS20260119E00517 | JPMorgan Chase & Co. | 1201(L) | 457,492(L) | HKD 24.2006 | 79.245.999(L) | 10.99(L)14/01/2026 | | | | | | | 4.329,588(S) | 0.60(S) | | | | | | | 34.625,011(P) | 4.80(P) | 格隆汇1月20日丨根据联交所最新权益披露资料显示，2026年1月14日，三一重工(06031.HK)遭JPMorgan Chase & Co.以每股均价24.2006港元减持好仓45. ...

| RESER | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期有 | | --- | --- | --- | --- | --- | --- | --- | | | | | 版 分享 三 | | (清参閱 上述 * 註 | 有投票權股(日/月/年) 材 | | | | | | | | 分自分比 | | CS20260119E00517 | JPMorgan Chase & Co. 457,492(L) | 1201(L) | | HKD 24.2006 | 79.245.999(L) | 10.99(L) 14/01/2026 | | | | | | | 4,329,588(S) | 0.60(S) | | | | | | | 34.625,011(P) | 4.80(P) | 格隆汇1月20日丨根据联交所最新权益披露资料显示，2026年1月14日，三一重工(06031.HK)遭JPMorgan Chase & Co.以每股均价24.2006港元减持好仓45.75万 股，涉资约1107.2万港元。 减持后， ...

同壁财经讯，企查查数据显示，根据《沪东中华造船（集团）有限公司汽车吊结果公告》，三一重工股 份有限公司于2026年1月19日公告中标沪东中华造船（集团）有限公司采购项目，中标金额为304.00万 元。 三一重工（600031.SH）2024年营业收入为783.83亿元，营业收入增长率为5.90%，归属母公司净利润为 59.75亿元，归属母公司净利润增长率为31.98%，净资产收益率为8.54%。 三一重工（600031.SH）2024年营业收入为783.83亿元，营业收入增长率为5.90%，归属母公司净利润为 59.75亿元，归属母公司净利润增长率为31.98%，净资产收益率为8.54%。 2025年上半年公司营业收入为447.80亿元，营业收入增长率为14.64%，归属母公司净利润为52.16亿 元，归属母公司净利润增长率为46.00%。 同壁财经讯，企查查数据显示，根据《沪东中华造船（集团）有限公司汽车吊结果公告》，三一重工股 份有限公司于2026年1月19日公告中标沪东中华造船（集团）有限公司采购项目，中标金额为304.00万 元。 相关上市公司：三一重工(600031.SH) 相关上市公司：三一重工( ...

美丽的格陵兰岛变得不太平静 美欧"互抽" 双方市场均现"战略缝隙" 这场冲突形成了双向削弱。对于欧洲制造商而言，打击是直接的。其市场本就疲弱——2024年销量暴跌 19%，而美国是其最大出口市场，占据超四分之一的出口额。美国关税一旦落地，其产品将面临15%至 50%的成本激增，竞争力必然大幅折损。 然而，美国的市场也绝非铁板一块。欧盟规模可观的反制措施，同样会抬高美国本土工程机械品牌在欧 洲市场的销售与运营成本。 鹬蚌相争 渔翁可得利否？ 当美国为"彻底购买"格陵兰岛而举起关税大棒，威胁对欧洲8国商品加征最高25%的关税时，欧盟已准 备好近930亿欧元的反制清单。 这场跨大西洋的"友尽"互抽，瞬间动摇了全球供应链的稳定格局，也为旁观的中国工程机械行业，投下 了一颗充满变数的棋子。 更重要的是，当美欧企业都将大量精力和资源耗费在应对这场"内战"、消化额外成本并巩固本土防御 时，它们在全球其他高增长市场（如南美、东南亚）的投入与扩张步伐就可能在客观上受到牵制。这种 因"内耗"而产生的全球战略收缩与反应迟缓，正是外部竞争者可以捕捉的"虚"。 手握三张牌 中国制造的"入"有底气 市场裂缝出现，但唯有硬实力才能穿越。今 ...

香港联交所最新数据显示，1月14日，小摩减持三一重工（600031）(06031)45.7492万股，每股均价 24.2006港元，总金额约为1107.16万港元。减持后最新持股数目约为7924.6万股，持股比例为10.99%。 ...