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 ...

2 月挖掘机出口同比增长 37.2%，海外科技巨头签署自主供电 承诺 机械行业周报 [Table_Invest] 评级： 增持 股 票 研 究 机械行业《两会聚焦人形机器人等科技赛道；宝 马、三星加速人形机器人工厂端应用落地》 2026.03.08 机械行业《燃机巨头订单旺盛，机器人基础模型 Pi 06 鲁棒性提升》2026.03.03 机械行业《春节后气体整体表现偏弱；广钢气体 中标海南商业航天发射场氦气采购项目》 2026.03.01 机械行业《具身模型 Pi 06 鲁棒性大幅提升，国 内人形初创百亿估值俱乐部增加至 6 家》 2026.02.28 机械行业《出口链月度跟踪：主要航线海运费同 比持续下滑，2 月美国住房市场指数同比- 14.29%》2026.02.26 股票研究 /[Table_Date] 2026.03.08 报 告 请务必阅读正文之后的免责条款部分 [姓名table_Authors] 电话 邮箱 登记编号 肖群稀(分析师) 0755-23976830 xiaoqunxi@gtht.com S0880522120001 丁嘉一(分析师) 021-23187266 dingjiayi@gt ...

股 票 研 究 2 月挖掘机出口同比增长 37.2%，海外科技巨头签署自主供电 承诺 机械行业周报 [Table_Invest] 评级： 增持 [姓名table_Authors] 电话 邮箱 登记编号 肖群稀(分析师) 0755-23976830 xiaoqunxi@gtht.com S0880522120001 丁嘉一(分析师) 021-23187266 dingjiayi@gtht.com S0880525080009 本报告导读： 上周（2026/3/2-2026/3/6）机械设备指数涨跌幅为-2.51%。挖机出口高增，工程机械 景气度延续，两会定调新质生产力，培育发展新动能，海外科技巨头签署自主供电 承诺，AIDC 发电设备关注度持续提升。 投资要点： [Table_Report] 相关报告 机械行业《两会聚焦人形机器人等科技赛道；宝 马、三星加速人形机器人工厂端应用落地》 2026.03.08 机械行业《燃机巨头订单旺盛，机器人基础模型 Pi 06 鲁棒性提升》2026.03.03 机械行业《春节后气体整体表现偏弱；广钢气体 中标海南商业航天发射场氦气采购项目》 2026.03.01 机械行业《具身 ...

行情回顾 本周板块表现：上周（2026/3/2-2026/3/6）5 个交易日，SW 机械设备指数下跌 2.81%，在申万 31 个一级行业分 类中排名第 19；同期沪深 300 指数下跌 1.07%。2026 年至今表现：SW 机械设备指数上涨 10.83%，在申万 31 个 一级行业分类中排名第 10；同期沪深 300 指数上涨 0.66%。 核心观点 投资建议 见"股票组合"。 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 中东地缘冲突升级或强化油服设备景气周期，关注深海装备弹性。中东地缘冲突升级，直接推升国际油价与供 应中断预期，全球能源安全优先级大幅提升，油公司现金流改善、勘探开发资本开支加速上行，油服设备景气 周期被进一步拉长并加固。冲突加剧区域航道与近岸设施风险，推动全球油气开发向更安全、更自主、更深水 方向倾斜，深海成为保障长期供给的核心增量。深海装备技术壁垒高、订单体量大、交付周期长，具备更强的 业绩确定性与盈利弹性。FPSO、半潜平台、水下生产系统、深海钻井装备等赛道，将优先受益于海外大型项目 集中落地与国内深海战略提速，成为本轮油服上行周 ...