1月23日，港股重型机械股拉升上扬，其中，森松国际大涨超9%，三一重工涨2.2%盘中刷新上市新高 价，中联重科、三一国际涨约2%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02155 | 森松国际 | 11.730 | 9.32% | | 01301 | 德基科技控股 | 0.325 | 4.84% | | 08612 | 维亮控股 | 0.110 | 2.80% | | 01660 | 七元投资 | 0.415 | 2.47% | | 06031 | 三一重工 | 24.840 | 2.22% | | 01157 | 中联重科 | 8.510 | 1.79% | | 00631 | 三一国际 | 11.620 | 1.66% | | 00936 | 佳兆业资本 | 0.370 | 1.37% | | 00038 | 第一拖拉机股份 | 8.800 | 1.15% | | 09930 | 宏信建发 | 1.060 | 0.95% | | 01333 | 博雷顿 | 20.400 | 0.20% | 美股频道更多独家策划、专家专栏，免费查阅>> ...

港股重型机械股拉升上扬，其中，森松国际大涨超9%，三一重工涨2.2%盘中刷新上市新高价，中联重 科、三一国际涨约2%。 本文源自：金融界AI电报 ...

消息上，2026年1月前半个月，工程机械行业订单保持平稳，市场对春节后迎来销售旺季存在明确预 期。同时，徐工机械、三一重工、中联重科、柳工等头部厂商，均将加速海外市场产能布局作为明年的 核心任务。自2025年以来，国内工程机械上行周期已开启，设备更新需求叠加施工推进，挖机销量上 升，并将逐步带动非挖产品延续去年势头，继续保持正增长。 有分析指出，在全球宽财政、宽货币的背景下，出海主题有望再度成为年度热门主线之一，工程机械深 度受益于出海逻辑，当前龙头公司海外利润贡献占比普遍在70%以上，工程机械有望受益于后续美联储 降息等事件催化。 港股重型机械股拉升上扬，其中，森松国际大涨超9%，三一重工涨2.2%盘中刷新上市新高价，中联重 科、三一国际涨约2%。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 02155 | 森松国际 | 11.730 | 9.32% | | 01301 | 德基科技控股 | 0.325 | 4.84% | | 08612 | 维亮控股 | 0.110 | 2.80% | | 01660 | 七元投资 | 0.415 | 2.4 ...

这绝非一次简单的经贸之旅，而是在国家加快构建新发展格局的宏伟战略下，一座长江中游地区中心城 市主动抓住向上发展"关键变量"的战略行动，旨在将香港这一国际顶级枢纽的变量效应，全面转化为长 沙高质量发展的增量与胜势。 长沙晚报全媒体评论员 山丘 2026年的发展画卷徐徐展开，1月20日至22日，省委常委、市委书记吴桂英率长沙市代表团以香港为"十 五五"开局出访首站，开展招商引资与招才引智活动。 顺应时势的区域协同 长沙与香港隔山望海，但情谊深远。历经岁月沉淀的互信与共赢，为此次新年首访奠定了坚实基础。 香港不仅是长沙"走出去"与"引进来"的超级桥梁，更是休戚与共的发展合伙人。数据显示，香港是长沙 最重要的经贸伙伴，全市港资企业达679家，占外资企业总量的46.6%。从耸立星城的九龙仓国金中 心，到联通全球的玉湖冷链，港资项目已成为长沙名片；而中联重科、蓝思科技等长沙龙头企业，也借 助香港平台成功扬帆远航。近30万在港湘籍乡亲和校友，更是两地割舍不断的血脉纽带。 此次出访统筹推进招商引资与招才引智，既有合作成果的巩固，更是顺应时势，使香港从"重要伙伴"升 维为能够系统性助力长沙突破内陆局限的"战略支点"。 城市跃升 ...

| 601608 | 中信重 | 5 | 4.08 | 16.05 | 14.78 | | --- | --- | --- | --- | --- | --- | | | 工 | | | | | | 600686 | 金龙汽 | 9 | 3.98 | 6.28 | 22.46 | | | 车 | | | | | | 002353 | 杰瑞股 | 5 | 3.59 | 3.82 | 9.72 | | | 份 | | | | | | 300780 | 德恩精 | 5 | 3.57 | 7.89 | 33.03 | | | 工 | | | | | | 600031 | 三一重 | 6 | 3.51 | 3.55 | 1.66 | | | 工 | | | | | | 002931 | 锋龙股 | 16 | 3.46 | 27.70 | 359.76 | | | 份 | | | | | | 688390 | 固德威 | 5 | 3.45 | 6.78 | 23.82 | | | 海尔智 | | | | | | 600690 | 家 | 6 | 3.44 | 4.91 | -0.15 | | | 百通能 | | | | ...

2026 年 1 月 22 日 ——工程机械行业 2025 年 12 月月报 机械行业 买入（维持） 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 分析师：夏天宇 行业研究 12 月工程机械内外销持续增长，非挖品类景气度显著复苏 执业证书编号：S0930525070006 021-52523805 xiatianyu@ebscn.com 行业与沪深 300 指数对比图 -20% 0% 20% 40% 60% 25/01 25/04 25/07 25/10 26/01 机械行业 沪深300 资料来源：Wind 要点 2025 年 12 月国内挖掘机内销持续增长，非挖品类景气度显著复苏 2025 年 12 月我国挖掘机（含出口）销量 23095 台，同比增长 19.2%；其中内 销 10331 台，同比增长 10.9%。2025 年全年我国挖掘机（含出口）销量 235257 台，同比增长 17.0%；其中内销 ...

Summary of China Industrials 2026 Outlook Industry Overview - **Industry**: China Industrials - **Core Themes**: AI technology diffusion, industrial upgrades, and globalization are central to the industrial sector's recovery in 2026. The government is focused on enhancing productivity through equipment upgrades, particularly in high-end equipment [1][4]. Key Insights - **Industrial Cycle**: The industrial cycle is characterized by strong global demand for capital goods, driven by AI technology applications and supply chain security concerns. China's trend of localizing high-end equipment remains strong, with specific sectors like data centers, electronics, and robotics expected to show growth, while processing markets may experience muted demand [3][10]. - **AI Applications**: 2026 is anticipated to mark the beginning of significant capital expenditure on physical AI, which will benefit automation and robotics companies. The government is supporting this through initiatives aimed at increasing the deployment of AI-powered robotics [4][11][12]. - **Localization and Supply Chain**: The localization rates for automation and industrial robots are projected to rise, with expectations of reaching 60-70% by 2030. This trend is expected to benefit companies involved in automation and precision components [21][22][23]. Market Dynamics - **Overseas Expansion**: Equipment exports from China have grown significantly, outpacing overall export growth. Companies are motivated to expand into international markets to capture larger total addressable markets (TAM) and improve margins [24][25]. - **Margin Expansion**: The overall net margin for China's industrials is expected to increase from approximately 13.0% in 2025 to around 14.6% in 2027, driven by overseas growth and advancements in AI technology [26][27]. Stock Recommendations - **Preferred Stocks**: The report highlights several stocks that are expected to benefit from cyclical strength and structural tailwinds, including: - **Geekplus (2590.HK)**: OW - **Sany Heavy (600031.SS)**: OW - **Leaderdrive (688017.SS)**: OW - **Han's Laser (002008.SZ)**: OW - **Inovance (300124.SZ)**: OW - **Hengli (601100.SS)**: OW - **Wuxi Lead (300450.SZ)**: OW - **Envicool (002837.SZ)**: OW - **Underweight Stocks**: Stocks such as **CSCEC (601668.SS)**, **CRRC-H (1766.HK)**, and **Maxwell (300751.SZ)** are rated as underweight due to various market challenges [5][8][46]. Additional Considerations - **Geopolitical Factors**: The geopolitical landscape is influencing supply chain security, which is a critical factor for capital goods demand globally [3]. - **Investment in AI**: The anticipated investment in AI infrastructure is expected to redefine smart manufacturing and create new opportunities within the industrial sector [10][11]. - **Sector Performance**: The report indicates that most industrial stocks are trading at or above their historical five-year average P/E ratios, reflecting a positive outlook for continuous upgrades and AI-related demand [26][38]. This comprehensive analysis provides insights into the expected recovery and growth opportunities within the China Industrials sector for 2026, highlighting key themes, market dynamics, and stock recommendations.

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment sector, indicating a positive outlook for the industry [6]. Core Insights - The low-altitude economy is experiencing significant growth, with the Guangdong-Hong Kong-Macao Greater Bay Area set to add 801 new low-altitude takeoff and landing points by 2025, and a logistics drone route network of 310 lines, showcasing a market potential of over one trillion yuan [3]. - The mechanical equipment sector shows strong competitive advantages for domestic leading companies, with forklift sales in December 2025 reaching 111,363 units, a slight year-on-year increase of 0.03%, while exports grew by 7.97% [3]. - The engineering machinery industry is expected to maintain steady growth, with total forklift sales in 2025 projected to be 1,451,768 units, a year-on-year increase of 12.9% [3]. Weekly Market Review - From January 11 to January 16, 2026, the Shanghai Composite Index fell by 0.45%, while the Shenzhen Component Index and the ChiNext Index rose by 1.14% and 1.00%, respectively. The Shenwan Mechanical Equipment Index increased by 1.91%, outperforming the CSI 300 Index by 2.48 percentage points, ranking fifth among 31 Shenwan first-level industries [2][11]. - Sub-sectors within mechanical equipment saw varied performance, with general equipment up by 3.11%, automation equipment up by 4.19%, while engineering machinery and rail transit equipment saw declines of 0.88% and 1.81%, respectively [11]. Key Sector Tracking - The low-altitude economy is supported by the timely establishment of safety standards, such as the Civil Unmanned Aerial Vehicle Parachute System Specification, which aims to enhance operational safety for drones in densely populated areas [3]. - The report highlights the competitive landscape for domestic leading companies in the mechanical equipment sector, emphasizing their strong position in both supply and demand [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Huasheng Group, among others [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Juxing Technology and Quanfeng Holdings for the export chain [4].

Investment Rating - The report maintains a "Recommended" investment rating for the mechanical industry, indicating a positive outlook for the sector [6]. Core Insights - The low-altitude economy is experiencing significant growth, with the Guangdong-Hong Kong-Macao Greater Bay Area set to add 801 new low-altitude takeoff and landing points by 2025, and a logistics drone route network of 310 lines, showcasing a market potential of over one trillion [3]. - The mechanical equipment sector is expected to maintain steady growth, supported by strong competitive advantages of domestic leading enterprises in both supply and demand [3]. - In December 2025, forklift sales reached 111,363 units, a slight year-on-year increase of 0.03%, with exports growing by 7.97% to 47,556 units [3]. Weekly Market Review - From January 11 to January 16, 2026, the Shanghai Composite Index fell by 0.45%, while the Shenzhen Component Index and the ChiNext Index rose by 1.14% and 1.00%, respectively. The Shenwan Mechanical Equipment Index increased by 1.91%, outperforming the CSI 300 Index by 2.48 percentage points, ranking fifth among 31 Shenwan first-level industries [11]. - Sub-sectors such as general equipment and automation equipment saw increases of 3.11% and 4.19%, respectively, while engineering machinery and rail transit equipment experienced declines of 0.88% and 1.81% [11]. Key Sector Tracking - The report highlights the low-altitude economy's rapid development alongside the establishment of critical safety standards, which are essential for the sustainable growth of the sector [3]. - The mechanical equipment sector's export chain remains robust, with a year-on-year growth of 13.4% in exports for 2025, indicating a positive trend for future growth [3]. Investment Recommendations - For the low-altitude economy, recommended companies include Deep City Transportation, Sujiao Science and Technology, and Wan Feng Aowei [4]. - In the mechanical equipment sector, recommended companies include Sany Heavy Industry, XCMG, and Anhui Heli for engineering machinery, and Giant Star Technology and Quan Feng Holdings for the export chain [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Yaxia Hydropower Project, with an expected investment of over RMB 2 trillion, will significantly boost the demand for high - end and large - scale construction machinery, serving as a key investment catalyst for the construction machinery industry [1][5][7] - The 14th Five - Year Plan sets the tone for the industry, promoting original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be gradually released, benefiting cyclical sectors such as construction machinery [1][12] - China's construction machinery export data has been growing rapidly. The Chinese market is at a cyclical inflection point, and exports are expected to rise from $234 billion in 2024 to $570 billion in 2030. Domestic companies' overseas revenue has increased significantly [1][17][22] - The CSI Construction Machinery Theme Index allows for one - click allocation of core construction machinery assets. It has high long - term returns, high volatility, and significant event - driven characteristics. The performance of its constituent stocks is expected to continue to improve [1][34][56] - The Huaxia CSI Construction Machinery ETF closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error [1][68] Summary by Directory 1. The 14th Five - Year Plan Sets the Tone for the Industry, and Domestic Brands Accelerate Overseas Expansion 1.1 The Yaxia Hydropower Project Starts, and Trillion - Dollar Investment Creates a Century - Long Project - The Yaxia Hydropower Project officially started in 2025. Its construction plan can be traced back to 2007, and it entered the implementation phase in 2024 [5] - Compared with the Three Gorges Project, the Yaxia Hydropower Project may have a dynamic investment of over RMB 2 trillion, and most of the investment will be used for power station construction and power transmission projects [7][9] 1.2 The 14th Five - Year Plan Sets the Tone for the Industry, and the Domestic and Overseas Sales of Excavators Continue to Improve Synchronously - The 14th Five - Year Plan emphasizes original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be released, benefiting cyclical sectors [12] - In November 2025, the sales of various excavators reached 20,027 units, a year - on - year increase of 13.90%. Domestic sales increased by 9.11% year - on - year, and exports increased by 18.84% year - on - year, indicating the recovery of the industry [13] 1.3 The Global Construction Machinery Market is Vast, and China's Export Data Shows High Growth - The global construction machinery market is expected to grow from $213.5 billion in 2024 to $296.1 billion in 2030. The Chinese market is at a cyclical inflection point, expected to rise from $234 billion in 2024 to $570 billion in 2030 [17] - The global excavator market is expected to reach $92.8 billion in 2030. In China, excavators will lead the industry recovery with a growth rate of 16.8% [17] - Overseas markets account for nearly 90% of the global construction machinery market. China's construction machinery export volume has increased from $18.894 billion in 2020 to $52.829 billion in 2024, with a CAGR of 29.33% [22] 1.4 The Construction Machinery Cycle Reaches the Bottom and Rebounds, and Domestic Brands Accelerate Overseas Expansion - The excavator industry has experienced two cycles and is now in a new upward cycle. In 2024, the annual sales volume increased by 3.1% year - on - year, and from January to November 2025, the growth rate expanded to 16.7% [24] - The overseas revenue of the four major domestic construction machinery manufacturers has increased significantly. In 2024, the overseas revenue ratios of Sany Heavy Industry and Zoomlion exceeded 50% [27] - International giants still dominate the global market. Chinese construction machinery manufacturers such as XCMG, Sany Heavy Industry, and Zoomlion still have room for improvement in global market share [29] 2. The CSI Construction Machinery Theme Index: One - Click Allocation of Core Construction Machinery Assets 2.1 Index Compilation: Selecting Core Leaders in the Construction Machinery Industry - The CSI Construction Machinery Theme Index was released on September 27, 2021, with a base date of June 30, 2016. It selects 50 representative listed companies in the construction machinery field as samples to reflect the overall performance of construction machinery - related stocks [34] - The index samples are adjusted semi - annually, on the next trading day after the second Friday of June and December each year [36] 2.2 Industry Market Value Characteristics: High Concentration in the Construction Machinery Sector, with Market Value Structure Dominated by Leading Companies - As of January 6, 2026, the index has 50 constituent stocks, with an average total market value of RMB 28.131 billion. Five stocks have a market value of over RMB 100 billion [37] - The top ten constituent stocks of the index account for 72.55% of the total weight. The top three stocks by weight are XCMG, Sany Heavy Industry, and Weichai Power [43] - The index focuses on the construction machinery, auto parts, and special equipment sectors, with a combined proportion of over 87%. The construction machinery industry has the highest weight, at 61.99% [46] 2.3 High Elasticity, Offensive Nature, and Long - Term Allocation Value - In the rising market, the CSI Construction Machinery Index has strong explosive power. For example, from January 31 to April 19, 2019, its cumulative return was 44.07%, significantly higher than that of broad - based indices [50] - Since the base date, the cumulative return of the index has reached 153.95%, and the annualized return is 10.60%, far exceeding that of major broad - based indices. It has high volatility and a large maximum drawdown, indicating its high - elasticity offensive characteristics [56] - The index shows a pattern of leading in the up - cycle and adjusting in the down - cycle. In 2019 and 2025, its annual returns were significantly higher than those of broad - based indices [62] 2.4 High - Level Operation Supported by Positive Expectations, Highlighting the Attention of Sector Allocation - As of January 5, 2026, the P/E ratio of the CSI Construction Machinery Index was 24.13, with a historical quantile of 79.59%, and the P/B ratio was 2.26, with a historical quantile of 94.49%. The valuation is at a relatively high level [65] - The market's positive expectations for the industry have been reflected in the valuation, highlighting the long - term certainty of sector allocation [65] 3. Huaxia CSI Construction Machinery ETF - The Huaxia CSI Construction Machinery ETF (fund code: 515970) closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error. It started raising funds on January 19, 2026, and ended on January 30, 2026, with Wang Xinwei as the fund manager [68]