2026年1月份，我国新能源重卡市场同比增长127%，整体销量达到1.61万辆。包括充电重卡在内，多个细分市场同步实现翻倍增长， 收获含金量颇高的"开门红"。 而1月份充电重卡市场远不止一个"开门红"能够形容。 请看第一商用车网的分析报道。 1月销1.15万辆大增168%，连续25个月销量翻倍 2026年1月份，国内新能源重卡市场共计销售1.61万辆（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2025 年12月份下降65%，同比增长127%。1月份，纯电动重卡（包括换电和充电）销售1.59万辆，占比高达98.88%，仍是新能源重卡最 重要的组成部分。这其中，充电重卡销售1.15万辆，环比下降61%，同比增长168%，同比增幅较上月（+228%）有所缩窄，这已是 充电重卡连续第25个月实现翻倍增长。2026年1月份，充电重卡168%的同比增幅继续跑赢新能源重卡市场"大盘"，这是充电重卡连续 第29个月跑赢新能源重卡市场"大盘"。1月份，充电重卡在纯电动重卡销量中的占比达到72.33%，较上月（71.83%）略微提升（如下 图），比2025年全年占比（69.61%）则高了接近3个百分点。 根据 ...

2026年1月份，我国新能源重卡整体销量同比大涨127%，收获"开门红"。作为新能源重卡市场占比最高的细分领域，新能源牵引车在 2026年的首月表现又如何呢？ 新能源牵引车1月实销1.05万辆 ，同比大增114% 根据第一商用车网最新掌握的终端销量数据（注：本文数据来源为交强险实销口径，不含出口和军车，下同），2026年1月份，国内新 能源重卡销售1.61万辆，环比去年12月下降65%，同比增长127%，其中 新能源牵引车销售1.05万辆，环比下降70%，同比增长 114%。与新能源重卡市场整体走势相同，新能源牵引车市场在2026年1月份也交出环比降、同比增的成绩单。 第一商用车网分析认 为，1月份新能源重卡以及新能源牵引车终端销量能实现同比翻倍，有两方面原因。一方面，国内重卡的电动化已是大势所趋；另一方 面，有部分新车在去年年底完税（2026年1月1日起新能源汽车购置税从减免变减半），1月份再上保险和上牌，因此在很大程度上推高 了1月份新能源销量。 2026年1月份，新能源牵引车在新能源重卡市场占到65.39%的份额，较其2025年全年76.36%的占比低了超10个百分点，与去年1月 份（69.13%）相比 ...

内容概要：作为建筑工业的核心装备，塔机在房地产、基建、能源等领域扮演关键角色。由于塔机购买 和维护成本高昂，对建筑承包商负担较高，而通过租赁，可以以较小的成本来获得塔机使用权，具有成 本较低的优势。近年来，中国塔机租赁行业市场规模呈现先升后降趋势。2016-2021年，随着城市化进 程的加速和基础设施建设的不断推进，塔机租赁市场的消费需求持续增长，市场规模从528.4亿元增长 至1102.3亿元。2022年房地产行业的低迷直接冲击塔机市场需求，新建项目减少导致设备闲置率攀升， 叠加前期市场扩张积累的产能过剩压力，国内销量持续下滑。租赁市场同步承压，市场规模持续下降。 到2025年中国塔机租赁行业市场规模达到986.7亿元，同比下降3.5%。 相关上市企业：紫竹慧（834243）、建设机械（600984）、达丰设备（02153）、中联重科 （000157）、徐工机械（000425）、三一重工（600031）、柳工（000528）、中国建筑（601668）、中 国中铁（601390）、中国电建（601669）等。 相关企业：上海庞源机械租赁有限公司、上海宏信设备工程有限公司、中禾华兴达丰机械工程有限公 司、江苏众 ...

2025年，港股红遍全世界，以374亿美元的IPO集资规模一举问鼎全球榜首！这一震撼业界的数字，同比狂飙231%，既创下2021年以来的巅峰纪录，更以 碾压之势超越此前三年总和，尽显王者雄风！ 细分赛道中，按IPO及再融资计，TMT行业凭345亿美元发行规模领跑全场、独领风骚；医疗保健与生物科技板块同样锋芒毕露，156亿美元的发行规模惊 艳市场，其中生物科技业更独占鳌头，62亿美元集资额彰显硬核实力！ 迈入2026年，港股IPO市场热度狂骉、气势更盛，活跃度飙升至新高度！截至2月上旬，超400家企业已列队轮候上市，其中超50家企业剑指《上市规则》 第十八A章（生物科技）、十八C章（特专科技）及八A章通道，蓄势待发、箭在弦上！一场席卷资本圈的全新盛宴，已然拉开序幕，续写港股辉煌新篇 章！ 让我们先看看2025年港股IPO募集金额前二十名上市公司榜：宁德时代、紫金黄金国际、三一重工排名前三，行业主要以新能源科技，AI及软硬件科技， 医药及生物科技，有色金属，大消费为主。 | 港股名称 | 募集金额:亿港币 | 行业 | 保荐人 | | --- | --- | --- | --- | | 宁德时代 | 410.06 ...

2025年，我国新能源重卡市场累计销量高达23.11万辆，同比大增182%。根据第一商用车网的观察，2025年新能源重卡市场有11个 月实现翻倍增长，平均月销量超过1.9万辆。 在2025年从头火到尾的新能源重卡市场，2026年会以怎样的表现开局？ 请看第一商用车网的分析报道。 第一商用车网分析认为，1月份新能源重卡终端销量能实现同比翻倍，有两方面原因。 一方面，国内重卡的电动化已是大势所趋；另一 方面，有部分新车在去年年底完税（2026年1月1日起新能源汽车购置税从减免变减半），1月份再上保险和上牌 ，因此在很大程度上 推高了1月份整体销量。 上图可见，代表2026年1月份的红色柱体比之前任何一年的1月份"高"出一大截，但低于2025年平均水准（1.93万辆），较2025年最 后几个月的火爆局面"降温"还是比较明显的。2021年以来，新能源重卡市场始终呈现出不断向好的发展趋势，尤其是最近的2024年和 2025年，全年12个月均实现增长，截止到2026年1月份，新能源重卡这一轮的连增势头已达到令人惊叹的"36连增"。 受2025年底政策"冲量"影响，2026年1月，国内重卡市场终端需求出现了意料之中的环比下 ...

Investment Rating - The report maintains a "Buy" rating for SANY Heavy Industry [1] Core Views - SANY Heavy Industry is positioned as a global leader in the construction machinery sector, benefiting from both cyclical recovery and systemic advantages [1] - The company is expected to fully benefit from the current industry recovery cycle, with projected net profits of 85 billion, 111 billion, and 127 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 25, 19, and 17 [1] Summary by Sections 1. Domestic and International Resonance - The construction machinery industry is entering a new cycle, with exports becoming a core driver of growth, expected to account for 50% of total sales by 2025 [13][14] - Domestic excavator sales are projected to recover moderately, with a peak expected in 2028 at 250,000 units, indicating significant growth potential [17][21] - The overseas market is anticipated to enter a new upward cycle in 2026, aligning with domestic recovery [35] 2. Global Leadership and Multi-Category Development - SANY Heavy Industry has established a diversified product system centered around excavators, maintaining a leading position in key categories [1] - The company benefits from a stable shareholding structure and strong control by the founding team, which enhances operational stability [1] 3. Integrated Product, Channel, and Service Strategy - SANY focuses on high-margin core categories, enhancing product competitiveness through significant R&D investment and technological advancements [1] - The company has developed a robust sales network through a shareholding dealer model, improving market penetration and resilience [1] 4. Valuation Rationality - The report suggests that SANY's valuation is reasonable, with expectations for steady upward movement as overseas expansion continues [1] - The company's operational quality is improving, with significant enhancements in profit margins and cash flow metrics [1]

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [45]. Core Insights - The demand for humanoid robots is expected to accelerate in 2026 due to advancements in embodied intelligence, supported by policy backing and rapid technological iterations. The industry is transitioning from concept to mass production, presenting opportunities for investment in the robot sector [3][41]. - The engineering machinery sector shows signs of recovery, with significant growth in excavator sales in January 2026. Factors such as the accelerated issuance of special bonds and global interest rate cuts are expected to boost demand for engineering machinery [3][41]. - The mechanical equipment sector has outperformed the CSI 300 index, with a bi-weekly increase of 4.29%, ranking 4th among 31 sectors [4][12]. Summary by Sections Market Review - As of February 12, 2026, the mechanical equipment industry has seen a bi-weekly increase of 4.29%, outperforming the CSI 300 index by 5.01 percentage points [12]. - The engineering machinery sector recorded the highest bi-weekly increase of 7.80% among the five sub-sectors [15][17]. Valuation Situation - The current PE ratio for the mechanical equipment sector is 36.68, with sub-sectors showing varying valuations: general equipment at 53.27, specialized equipment at 37.85, and engineering machinery at 25.73 [21]. Data Updates - The report highlights significant growth in excavator sales, with domestic sales showing a year-on-year increase of 23.90% in January 2026 [40]. Industry News - The report includes updates on various companies, such as OptoTech planning to raise funds for expanding its industrial automation capabilities [39]. Weekly Insights - The report suggests focusing on companies like Huichuan Technology and Greentec Harmonic for potential investment opportunities in the robot sector, and Sany Heavy Industry and Hengli Hydraulic in the engineering machinery sector [41][43].

Group 1 - The core message of the article highlights the ongoing "Warmth for Xiang Merchants" Spring Festival visit and consolation activities organized by the Hunan Provincial Federation of Industry and Commerce, aimed at fostering relationships with business leaders and promoting economic development in Hunan [1] - Hunan Provincial Political Consultative Conference Vice Chairman and Federation Chairman Zhang Jian led the visit, emphasizing the importance of private enterprises and entrepreneurs in Hunan's development [1] - During the visits, Zhang Jian engaged in discussions with business leaders, expressing gratitude for their contributions to Hunan's economic and social development, and underscoring the need for continuous improvement in the business environment [1] Group 2 - Business leaders expressed that the Spring Festival visit was heartwarming and motivational, reinforcing their commitment to deepening their core business operations and contributing to the realization of Hunan's "Three Highs and Four New" development blueprint [1] - The Federation aims to act as a bridge and link for private enterprises, enhancing services to create a better business environment and promote greater contributions from the private economy to the province's high-quality development [1]

Core Viewpoint - The report from China Galaxy Securities indicates a significant growth in domestic and foreign sales of excavators in January 2026, with domestic sales increasing by 61.4% and exports by 40.5% [1] Group 1: Excavator Sales - In January, a total of 18,708 excavators were sold, representing a year-on-year increase of 49.5%. Domestic sales accounted for 8,723 units (including 24 electric excavators), up 61.4%, while exports reached 9,985 units (including 11 electric excavators), up 40.5% [1] - The increase in domestic sales is influenced by the Lunar New Year timing, while overseas demand is recovering, particularly in Europe and the U.S., alongside strong metal prices and robust mining market demand in regions like Australia and Africa [1] Group 2: Other Machinery Sales - In December, various types of cranes showed high growth in sales, with truck cranes increasing by 38% overall, and crawler cranes by 68% [2] - For 2025, the overall sales growth for truck cranes is projected at 1.39%, while crawler cranes are expected to see a significant increase of 30% [2] Group 3: Working Hours and Rates - In January, the average working hours for major construction machinery products was 72.5 hours, a year-on-year increase of 23.9%, while the average operating rate was 48.1%, reflecting a year-on-year decrease of 2.63 percentage points [3] - In December, there was an improvement in working hours for Komatsu excavators in North America, Europe, Japan, and Indonesia [3] Group 4: Caterpillar's Market Outlook - Caterpillar reported a year-on-year increase of 11% in end-user sales in Q4 2025, with expectations for moderate growth in North American demand in 2026, supported by strong order levels [4] - The resource business saw a decline in sales due to weak coal prices, but growth is anticipated in 2026 driven by rising demand for copper and gold, as well as heavy construction and aggregate industries [4] Group 5: Recommended Companies - Based on the upward trend in domestic and foreign sales, leading manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, and LiuGong are recommended, along with core component manufacturer Hengli Hydraulic [5]

Core Insights - SANY Group showcased its full range of construction machinery at the Saudi HEC exhibition, emphasizing its strength in "Chinese manufacturing" [1][8] - The exhibition highlighted SANY's commitment to technological innovation and localized services, aiming to align "Chinese manufacturing" with global energy infrastructure needs [9][13] Product Highlights - SANY Heavy Industry presented the SKT130S hybrid mining truck, SKT105S wide-body truck, and SAT40C articulated truck, which attracted significant interest from mining owners and contractors in Saudi Arabia and surrounding regions [3][11] - The SKT130S offers a new mining transportation solution with three core advantages: - Exceptional fuel efficiency through an intelligent hybrid system and energy recovery technology [4][11] - Cost-effective procurement and maintenance due to a localized supply chain [5][11] - Enhanced safety features including triple auxiliary braking and intelligent downhill assistance [6][11] Recognition and Support - The Saudi Deputy Minister of Industry visited SANY's booth, where he praised the technological innovations and application value of the SKT130S, reflecting the recognition and support from the Middle Eastern market and policy levels [7][12]