与2025年相比，韩国散户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。 【#韩国散户爆买中国资产#】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。 当风险偏好最高的群体都在买入HALO资产，说明两件事。一是，AI科技股整体估值偏高。美股科技今 年表现一般，韩国股市涨幅强劲，但近期出现巨震。二是，全球资本都在寻找确定性，特别是中东事件 后，HALO资产不会被AI取代，部分行业更是进入涨价周期。(21财经，泽塔) ...

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 ...

投资要点 西南证券研究院 [Table_QuotePic] 行业相对指数表现 [Table_IndustryInfo] 2026 年 03 月 09 日 强于大市(维持) 证券研究报告•行业研究•机械设备 工程机械月报（0201-0228） 工程机械 2 月出口超预期，行业景气持续向好 | 基础数据 | | | --- | --- | | [Table_BaseData] 股票家数 | 443 | | 行业总市值（亿元） | 53,809.19 | | 流通市值（亿元） | 50,740.88 | | 行业市盈率 TTM | 42.9 | | 沪深 300 市盈率 TTM | 14.2 | 相关研究 请务必阅读正文后的重要声明部分 -20% -9% 3% 14% 25% 36% 25/3 25/5 25/7 25/9 25/11 26/1 26/3 机械设备 沪深300 数据来源：聚源数据 [Table_Summary] 投资观点：挖机 2026年 1–2月内销略降，出口继续高增。"更新周期+外需拉 动"仍是主线，短期春节错配导致内销波动，但全年向上的趋势没有改变。建 议继续重点布局龙头主机厂与核心零部件厂商 ...

[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].

2026 年 03 月 08 日 行业点评报告 看好/维持 机械 相关研究报告 <<1 月工程机械内外销同比实现较高 增长，继续看好内外需共振向上>>-- 2026-02-26 <<2025 年工程机械内外需全面回升， 继续看好行业需求向上>>--2026- 02-01 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 机械 2 月挖机内销受春节影响同比下滑，出口销售超预期 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 25/3/10 25/5/21 25/8/1 25/10/12 25/12/23 26/3/5 机械 沪深300 ◼ 子行业评级 行 业 研 究 [Table_Summary] 事件：近日，中国工程机械工业协会发布 2026 年 2 月工程机械行 业主要产品销售快报一。 2 月挖机内销有所下滑，出口实现高增长。工程机械工业协会发布 2 月挖机数据，2026 年 ...

Investment Rating - The report rates the mechanical industry as "Buy" [1] Core Insights - The excavator exports increased by 37.2% year-on-year in February, indicating sustained demand in the engineering machinery sector. The domestic sales of excavators decreased by 42%, while total excavator sales for January and February reached 35,934 units, a year-on-year increase of 13.1% [2][4] - The government work report emphasizes the acceleration of new momentum cultivation, focusing on strategic emerging industries and future industrial sectors, including integrated circuits, aerospace, and AI infrastructure [4][5] - Major tech companies, including Microsoft and Google, have committed to enhancing self-supply capabilities for power, which is expected to drive demand for AIDC power generation equipment [4][5] Summary by Sections Industry Overview - The mechanical equipment index fell by 2.51% from March 2 to March 6, underperforming the CSI 300 index, which decreased by 1.07% [6] - The mechanical industry index has increased by 59.66% since the beginning of 2025, outperforming the CSI 300 index, which rose by 21.65% during the same period [8] Sub-industry Data Engineering Machinery - In February 2026, excavator sales totaled 17,226 units, a decrease of 10.6% year-on-year, with domestic sales at 6,755 units and exports at 10,471 units [4][34] - The government report highlights the importance of fostering new industrial momentum, which includes advanced manufacturing and modern service industries [4][34] AI Infrastructure - The report recommends companies involved in AI infrastructure, such as Ice Wheel Environment and Han Zhong Precision, as potential investment opportunities [4][82] Robotics - The report suggests investing in companies like Hengli Hydraulic and Changying Precision in the robotics sector, indicating a positive outlook for this segment [4][82] Company Profit Forecasts - The report provides a detailed forecast for key companies in the mechanical sector, indicating a bullish sentiment with multiple companies rated as "Buy" [82]