机械行业 2026 年度投资策略 AI 重塑制造业需求，成熟制造走向全球 glmszqdatemark 重点公司盈利预测、估值与评级 | 代码 | 简称 | 股价 | | EPS（元） | | | PE（X） | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | | | 600031.SH | 三一重工 | 22.58 | 0.94 | 1.20 | 1.45 | 24 | 19 | 16 | 推荐 | | 601100.SH | 恒立液压 | 121.12 | 2.16 | 2.39 | 2.78 | 56 | 51 | 44 | 推荐 | | 300567.SZ | 精测电子 | 151.72 | 0.43 | 1.00 | 1.49 | 356 | 151 | 102 | 推荐 | | 300421.SZ | 力星股份 | 33.95 | 0.21 | 0.24 | 0.32 | 161 | 142 ...

智通财经APP获悉，香港联交所最新数据显示，1月22日，小摩减持三一重工(06031)28万股，每股作价 24.0119港元，总金额约为672.33万港元。减持后最新持股数目约为7909.12万股，最新持股比例为 10.97%。 ...

香港联交所最新数据显示，1月22日，小摩减持三一重工（600031）(06031)28万股，每股作价24.0119港 元，总金额约为672.33万港元。减持后最新持股数目约为7909.12万股，最新持股比例为10.97%。 ...

企业"零差评"的用人满意度，更印证了三一职院人才培养的硬实力。2026年初，学校对合作的150余家行业领先企 业开展用人满意度专项调查，涵盖智能制造、工程机械、新能源等多个领域，最终收回的有效问卷中，企业满意 度达到100%，"愿意持续招聘""优先推荐同行录用"成为企业反馈的高频表述。斯伦贝谢北亚区招聘经理齐峰的评 价颇具代表性："三一职院学生有两个鲜明优势，一是动手能力强，这和学校大量的实操培训密不可分；二是品格 端正、志存高远，不局限于工作地点，这种灵活性在行业中很难得。" 长沙晚报掌上长沙1月28日讯（全媒体记者 张炎炎 通讯员 高妍）"两个月实习薪资就赚回了整年学费，毕业前就 能把三年学费赚回来。"对于三一职院工程2306班刘冬而言，这份来自海南华铁的实习成绩单，是对自己三年职校 生涯的最佳注解。从校园到企业，刘冬的成长轨迹，正是三一职院毕业生就业优势的生动缩影。2026年1月，该校 发布的企业用人满意度调查结果显示，合作企业对三一职院毕业生满意度高达100%，一众行业龙头企业招聘负责 人更是对三一职院学子给出了"零差评"的高度评价。 薪资与成长的双重突破，是三一职院毕业生就业质量的直观体现。刘冬所在 ...

1月28日，三一重工盘中下跌2.01%，截至09:43，报22.37元/股，成交3.39亿元，换手率0.18%，总市值 2056.92亿元。 资金流向方面，主力资金净流出570.97万元，特大单买入4284.32万元，占比12.62%，卖出3536.75万 元，占比10.42%；大单买入6340.60万元，占比18.68%，卖出7659.14万元，占比22.56%。 三一重工今年以来股价涨5.87%，近5个交易日跌0.93%，近20日涨7.96%，近60日涨2.24%。 资料显示，三一重工股份有限公司位于北京市昌平区北清路8号,中国香港新界上水龙琛路39号华厦北18 楼1808-10室，成立日期1994年11月22日，上市日期2003年7月3日，公司主营业务涉及从事工程机械的 研发、制造、销售和服务。主营业务收入构成为：挖掘机械39.29%，起重机械17.52%，混凝土机械 16.71%，其他16.64%，路面机械4.85%，桩工机械3.01%，其他(补充)1.98%。 三一重工所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：工程机械、挖掘 机、一带一路、社保重仓、工业4.0等。 截至9月 ...

Investment Highlights - The report emphasizes the growth potential driven by AI and the reversal of the anti-involution cycle in the manufacturing sector [1] - Key companies highlighted include Yokogawa Precision, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] Industry Performance - The report notes significant performance in various sectors, with the best-performing indices being the construction materials sector (+9.23%), oil and petrochemicals (+7.71%), and steel (+7.31%) for the week ending January 23, 2026 [5][23] - In the manufacturing sector, the top indices were the photovoltaic concept index (+9.33%), aerospace and military theme index (+7.65%), and new energy concept index (+7.44%) [5][24] Key Industry Trends - The report discusses the rapid rise of space photovoltaic technology and the integration of the nuclear fusion industry in the U.S., highlighting technological breakthroughs and increased international cooperation [4][6][9] - The EDA (Electronic Design Automation) industry is noted for its consolidation and the potential for domestic breakthroughs, driven by government support and strategic acquisitions [11][12][14] Company-Specific Insights - China Shipbuilding Industry Company is expected to benefit from asset integration within the group, improving competitive dynamics and operational efficiency [15][16] - The report forecasts significant profit growth for key companies, with expected net profits for 2025-2027 showing substantial increases, particularly for companies like China Shipbuilding [17][21] Investment Recommendations - The report suggests focusing on core positions and flexible targets within the EDA sector, as domestic companies are positioned for significant growth due to increased policy support and market demand [11][17] - Specific companies to watch include Huada Jiutian, Gelun Electronics, and Guangli Micro [17]

光环之下，绿控传动的隐忧同样突出。招股书显示，2022年至2025年上半年，绿控传动前五大客户收入 占比长期维持在60%左右，客户依赖度居高不下。除此之外，截至2025年6月末，绿控传动应收账款账 面价值高达8.33亿元，占公司总资产比例为27.13%。 对于公司业绩实现大幅增长的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中 和'国家战略背景下，受传统燃油车排放标准提升、重点领域清洁运输目标与路权优先等政策驱动，叠 加技术升级带来的场景拓展与成本下降，新能源商用车经济性优势凸显，其市场规模的快速扩张有效带 动公司业绩增长，公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定。招股书显示，这两大巨头既是绿控 传动的重要客户，同时也是公司的股东，2024年合计贡献营收占比超40%。 中经记者 夏治斌 石英婧 上海报道 在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（简称"绿控 传动"）再度向资本市场发起冲刺。2022年12月，它首次叩响科创板大门，却在次年3月撤回。沉寂近两 年后，2025年12月，它卷土重来，这次的目标换 ...

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, indicating a positive outlook compared to the market [1]. Core Insights - The mechanical sector has shown strong performance, with a 9.68% increase in January, outperforming the CSI 300 index by 8.02 percentage points, ranking 8th among 30 major industries [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have experienced significant growth, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as leading companies in shipbuilding and mining metallurgy equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was robust, with a 9.68% increase, significantly outpacing the CSI 300 index [3][10]. - The sector's valuation is currently at a relatively high level, with the industry P/E ratio at 43.4 times, placing it in the 78.4th percentile of the past decade [15][19]. 2. Engineering Machinery - The engineering machinery sector is expected to see a recovery in 2026, driven by equipment replacement cycles and increasing domestic demand [20][41]. - Sales of excavators and loaders showed strong growth in December 2025, with excavator sales up 19.2% and loader sales up 30% year-on-year [20][28]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in December 2025 production [42]. - The humanoid robot industry is rapidly developing, with over 140 domestic companies and significant production expected in 2025 [42][45]. 4. Shipbuilding - The shipbuilding sector is stabilizing, with new ship price indices showing an upward trend and ongoing recovery in profitability for shipbuilding companies [50].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The mechanical sector has shown a strong performance, with a 9.68% increase in January, outperforming the Shanghai and Shenzhen 300 Index by 8.02 percentage points [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have seen significant gains, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as on humanoid robots and AIDC supporting equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was strong, with a 9.68% increase, ranking 8th among 30 major industries [3][10]. - The report highlights the recent upward trend in sub-sectors, particularly in photovoltaic and semiconductor equipment, which had previously been lagging [4][10]. 2. Engineering Machinery - The report indicates a positive outlook for the engineering machinery sector in 2026, driven by a recovery in demand and an ongoing equipment update cycle [20][41]. - Key statistics include a 19.2% year-on-year increase in excavator sales in December 2025, with total sales for the year reaching 235,257 units, a 17% increase [20][27]. - The report recommends focusing on leading companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG [41]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in production in December 2025, totaling 90,116 units [42][49]. - The humanoid robot industry is rapidly developing, with over 140 companies and more than 330 products launched in 2025, marking it as a year of mass production [42][44]. - The report emphasizes investment opportunities in leading companies and core component suppliers within the robotics sector [49]. 4. Shipbuilding - The shipbuilding sector shows signs of recovery, with new ship price indices stabilizing and ongoing profitability improvements for shipbuilding companies [50]. - In the first three quarters of 2025, China's shipbuilding output increased by 6.0%, maintaining a leading position globally [50].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released the 403rd batch of new energy heavy truck models, showcasing a total of 73 new models from 18 companies, indicating a significant push towards electrification in the heavy truck sector in China [1][2][3]. Group 1: Overview of New Models - A total of 73 new energy heavy truck models were announced, with 61 being charging trucks, 8 battery swap trucks, 3 fuel cell trucks, and 1 plug-in hybrid truck [5][6]. - Dongfeng and FAW Jiefang each submitted 11 models, the highest among all manufacturers, followed by China National Heavy Duty Truck Group with 9 models [3][10]. - The majority of the submitted models are three-axle trucks, with 30 models, followed by 18 eight-axle trucks and 13 four-axle trucks [5][7]. Group 2: Key Manufacturers and Their Submissions - Dongfeng's submissions include 9 charging trucks, 1 battery swap truck, and 1 fuel cell truck, indicating a strong commitment to the new energy heavy truck market [10][15]. - FAW Jiefang also submitted 11 models, with a focus on charging trucks, including several dual-motor models with significant power outputs [15][18]. - China National Heavy Duty Truck Group's submissions consist of 9 charging trucks, with a notable emphasis on self-dumping trucks, showcasing a range of battery capacities and driving configurations [19][21]. Group 3: Trends in New Energy Heavy Trucks - Charging trucks dominate the submissions, accounting for over 80% of the total, reflecting the industry's focus on electric solutions [5][6]. - The trend towards larger battery capacities is evident, with several models featuring over 600 kWh, particularly in the tractor category, which is becoming a standard expectation [36][38]. - The introduction of dual-motor configurations is increasing, with multiple manufacturers submitting models that enhance power and efficiency, indicating a shift towards more advanced technology in heavy trucks [31][35]. Group 4: Specific Model Highlights - Dongfeng's notable models include a pure electric self-dumping truck with a range of 200 km and a charging truck with a battery capacity of 279.59 kWh [10][11]. - FAW Jiefang's models feature a self-dumping truck with a range of 740 km and a dual-motor tractor with a peak power of 816 hp [15][18]. - China National Heavy Duty Truck Group's self-dumping trucks can achieve a range of up to 955 km, showcasing advancements in battery technology and efficiency [19][21].