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]

机械设备行业 标配 （维持） 机械设备行业双周报（2026/01/30-2026/02/12） 关注机器人回调机遇，工程机械内需复苏趋势明显 2026 年 2 月 13 日 投资要点： 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 相关报告 块表现如下，自动化设备板块上涨4.99%，专用设备板块上涨3.50%，通用设 备板块上涨3.48%，轨交设备Ⅱ板块上涨0.80%。 机械设备个股涨跌情况：截至2026年2月12日，机械设备板块双周涨幅前三个 股分别为杰普特、田中精机、禾信仪器，涨幅分别为67.72%、52.75%、51.22%。 机械设备板块双周跌幅前三个股分别为德恩精工、东方智造、*ST海华，跌幅 分别为26.63%、26.40%、25.78%。 机械设备本周估值：截至2026年2月12日，申万机械设备板块PE TTM为36.68 倍。通用设备、专用设备、轨交设备Ⅱ、工程机械、自动化设备PE TTM分别 为53.27倍、37.85倍、17.50倍、25.73倍、56.76倍。 ◼ 机械设备行业 ...

（来源：中华工商时报） 转自：中华工商时报 近期，湖南省工商联持续开展"情暖湘商"春节走访慰问活动，向在湘发展的异地商会负责人、知名湘商 企业家代表送上新春问候与祝福，共话发展新篇章。湖南省政协副主席、省工商联主席张健带队走访慰 问。湖南省工商联党组成员、副主席漆平波参加。张健一行先后看望了湖南省广东商会会长侯少斌，湖 南湘商联谊总会会长、三一集团党委书记、轮值董事长向文波，湖南湘商联谊总会轮值会长、湖南省山 东商会党委书记李涛。 走访期间，张健与企业家们亲切交流，详细询问企业发展情况，认真听取意见建议，并对湘商及在湘投 资发展的异地企业家为湖南经济社会发展作出的贡献表示感谢。他表示，民营企业和民营企业家是湖南 发展不可或缺的"自己人"，各级工商联要持续当好桥梁纽带，用心用情优化服务，营造更优营商环境， 推动民营经济为全省高质量发展作出更大贡献。 企业家纷纷表示，春节慰问暖人心、鼓干劲，他们将把关怀转化为动力，坚定发展信心，深耕主业，为 实现"三高四新"美好蓝图贡献更多力量。（何青 熊佳钰） ...

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]

机械设备行业 | | 标配 | | （维持） | | 1 月挖机销量迎开门红，新增专项债加速发行 | | --- | --- | --- | --- | --- | --- | | | | | | | 工程机械行业跟踪点评 | | 2026 | 年 | 2 | 月 11 | 日 | 分析师：谢少威（SAC 执业证书编号：S0340523010003） | | | | | | | 电话：0769-23320059 邮箱：xieshaowei@dgzq.com.cn | 事件： 中国工程机械工业协会公布 2026 年 1 月挖掘机、装载机销量数据。 投资建议：持续关注行业龙头。建议关注：三一重工（600031）、徐工机械（000425）、中联重科（000157）、 柳工（000528）、恒立液压（601100）。 风险提示：（1）若基建/房地产投资不及预期，工程机械需求减弱；（2）若专项债发行进度放缓或发 行金额不及预期，下游项目开工数量将会减少，工程机械需求趋弱；（3）若海外市场对国内企业产品 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险 ...

Core Viewpoint - The engineering machinery industry experienced a strong recovery in 2025, with an index increase of 33.14%, significantly outperforming the CSI 300, and is expected to continue high-quality development in 2026 driven by smart logistics equipment, mining machinery upgrades, and overseas market expansion [1][2]. Group 1: Industry Performance in 2025 - The total operating revenue of the engineering machinery industry reached 303.61 billion yuan in the first three quarters of 2025, a year-on-year increase of 10.84% [2]. - The net profit attributable to shareholders was 29.44 billion yuan, with a year-on-year growth rate of 19.72%, indicating improved profitability [2]. - The gross profit margin increased from 24.86% in Q1 to 25.48% in the first three quarters, reflecting enhanced sales efficiency [2]. Group 2: Cash Flow and Operational Efficiency - The net cash flow from operating activities reached 29.10 billion yuan in the first three quarters, marking a new high for the same period in recent years, with a year-on-year growth rate of 41.79% in Q3 [4]. - Inventory turnover days decreased year-on-year, and the operating cycle was compressed by 3.73%, indicating improved operational efficiency despite a 9.35% increase in inventory value [4]. Group 3: Key Focus Areas for 2026 - Smart logistics equipment is expected to be the most promising growth area in 2026, driven by policy support, surging demand, and technological upgrades [6]. - The continuous growth of e-commerce logistics is a core driver, with the national express package processing volume reaching 7.23 billion during the Mid-Autumn Festival and National Day holidays, pushing the e-commerce logistics business volume index to 132.9 points [6]. - The demand for automation in logistics is urgent, as labor costs account for 29% of logistics companies' warehousing costs, necessitating the replacement of manual labor with smart equipment [6]. Group 4: Policy and Technological Developments - National and local governments are collaborating to promote logistics data openness and the construction of intelligent supply chains, with various supportive policies being implemented [11]. - Technological advancements, such as improved navigation precision and the localization of components, are strengthening the foundation for development in the industry [11]. Group 5: Mining Machinery and Tunnel Equipment - The mining machinery and tunnel engineering equipment sectors are entering a golden period of upgrades, driven by the "14th Five-Year Plan" and carbon neutrality goals [12]. - The demand for deep earth mining is increasing, with non-road dump trucks showing significant operational hours, indicating their essential role in material flow [12]. - The export of mining machinery is growing, with excavator exports reaching 93,800 units in the first ten months of 2025, a year-on-year increase of 14.43% [14]. Group 6: Investment Recommendations - Investment focus for 2026 should be on smart logistics equipment, particularly leading companies in the forklift sector, such as Anhui Heli and Hangcha Group, which are well-positioned to benefit from the trends of electrification and automation [15]. - In the mining machinery and tunnel construction equipment sector, companies like SANY Heavy Industry and Zoomlion are recommended due to their technological maturity and increasing export ratios [15].

Core Insights - Sany Heavy Industry Co., Ltd. has recently increased its registered capital from approximately 8.474 billion RMB to about 9.195 billion RMB, representing an increase of approximately 8.5% [1] Company Overview - Sany Heavy Industry Co., Ltd. was established in November 1994 and is engaged in the production and sales of construction machinery, lifting machinery, parking systems, general equipment, and electromechanical equipment, as well as providing rental services for construction machinery and conducting import and export business [1][3] - The company is jointly held by Sany Group Co., Ltd., Hong Kong Central Clearing Limited, and Liang Wengen among others [1][4] Shareholder Information - The major shareholders include: - Sany Group Co., Ltd. with a holding of 29.27% - Hong Kong Central Clearing Limited with a holding of 12.87% - Liang Wengen, the actual controller, with a holding of 2.78% - China Securities Finance Corporation Limited with a holding of 2.75% [4]

三一重工股份有限公司成立于1994年11月，法定代表人为向文波，经营范围含生产建筑工程机械、起重 机械、停车库、通用设备及机电设备等的销售与维修，提供建筑工程机械租赁服务，经营商品和技术的 进出口业务等。股东信息显示，该公司由三一集团有限公司、香港中央结算有限公司、梁稳根等共同持 股。 天眼查App显示，近日，三一重工（600031）发生工商变更，注册资本由约84.74亿人民币增至约91.95 亿人民币，增幅约8.5%。 ...