证券研究报告 工程机械 行业深度报告 hyzqdatemark 2026 年 03 月 02 日 证券分析师 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 唐志玮 tangzhiwei@huayuanstock.com 林高凡 lingaofan@huayuanstock.com 工程机械行业深度报告 投资评级： 看好（首次） ——七十年艰苦奋斗路，两周期寰宇立潮头 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 图表目录 工程机械的行业逻辑是怎样的？工程机械是国民经济建设的重要支柱产业，2024 年 全球工程机械行业规模达 2135 亿美元，其中中国市场规模为 234 亿美元，占比 11%。 挖掘机械、装载机、起重机械产品价值量分列前三，占行业整体超 60%份额。上游 成本中原材料占比最高，液压系统是价值核心。行业根本需求逻辑或来自国内下游 新增 ...

Summary of Key Points from the Conference Call on Engineering Machinery Industry Industry Overview - The engineering machinery industry is experiencing a potential recovery due to the nearing update cycle of excavators in China, combined with emission constraints and accelerated second-hand machinery exports, leading to a possible lower actual ownership than market expectations [1][2] - The "artificial substitution" logic continues to drive demand, with room for growth in excavator ownership compared to developed countries, particularly as urbanization progresses and maintenance needs increase [1][3] Core Insights and Arguments - The domestic equipment update cycle typically spans 8-10 years, with a significant portion of excavators entering a phase of extended usage and maintenance costs, indicating a need for gradual updates [2] - The actual ownership of excavators may be tighter than market estimates due to the impact of engine updates and emission constraints, as well as accelerated second-hand exports, which could lead to a steeper demand curve if recovery occurs [2] - The shift in construction demand from "earthwork" to "non-excavation" categories, such as truck cranes and crawler cranes, suggests a potential expansion of investment into tower cranes and subsequent maintenance phases [1][4] Export Trends - A notable increase in engineering machinery exports is expected by the end of 2025, with an estimated growth rate of approximately 14% for the year, driven by changes in tariff policies and enhanced competitiveness of Chinese companies [5][6] - The demand for overseas mining machinery is supported not only by commodity prices but also by the sustained urbanization efforts in resource-rich countries, providing ongoing support for engineering machinery demand [7] Foreign Direct Investment (FDI) and Market Influence - China's FDI growth, particularly in Belt and Road Initiative countries, has increased Chinese participation in local mining and energy projects, thereby boosting demand for engineering machinery [8][9] Market Signals and Demand Recovery - Recent surveys indicate a more optimistic outlook for equipment purchases in the U.S. market, with a decrease in contractors planning to refrain from buying equipment, suggesting a structural improvement in demand [10][12] - In Europe, particularly Germany, there are positive signals with engineering machinery orders showing an 18% year-on-year increase, indicating a better-than-expected performance [13] Rental Market and Recovery Indicators - The domestic tower crane rental market shows signs of recovery, with rental rates and utilization rates reaching their highest levels in three years, indicating a potential upward trend in demand [14] Future Catalysts - Key catalysts for future growth include domestic macro and industrial policies, global commodity price trends, and the expansion of data center construction in Southeast Asia, which may drive additional demand for engineering machinery [15][16] Sector and Stock Recommendations - The focus is on three main categories: complete machinery (e.g., SANY, XCMG), components (e.g., Hengli Hydraulic), and general equipment (e.g., Anhui Heli). The order of benefits will depend on the timing of demand recovery in emerging markets versus developed markets [17]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **engineering machinery industry** and its outlook for **2026**. The industry is expected to experience a mild recovery, with significant potential for growth driven by various factors, including seasonal demand and policy support [1][4]. Core Insights and Arguments - **Demand Surge in 2026**: The traditional peak season for engineering machinery in China (March-April) is likely to exceed expectations due to higher market share aspirations from manufacturers and diversified sales strategies [1][2]. - **Improvement in Payment Collection**: Since August 2024, payment collection has improved from a range of 30%-40% to nearly 50%, indicating a shift from a critical balance state to a more sustainable one [3]. - **Sales Growth Projections**: The domestic sales growth for engineering machinery in 2026 is projected to be between **5%-10%** under baseline conditions, with potential increases to **10%-20%** if unconventional sales methods like "turning to export" and operating leases are considered [4][5]. - **Export Performance**: The unexpected export growth in 2025 was primarily driven by demand from regions such as Africa, the Middle East, and Indonesia, particularly for large excavators, which have significantly higher profit margins compared to other products [6][7]. Additional Important Content - **Risks and Challenges**: Key risks include exchange rate fluctuations and the impact of Russia's scrappage tax on short-term export volatility [9][10]. - **Cost Structure and Material Prices**: The impact of rising raw material prices on manufacturers is manageable, as direct materials constitute a relatively low percentage of total costs, and the ability to pass on costs is limited [11]. - **Valuation Trends**: Leading manufacturers are currently valued at around **20 times earnings**, with potential for further upward adjustment due to improved asset quality and shareholder returns [12][13]. - **Stock Selection Recommendations**: The focus for stock selection includes major manufacturers such as SANY, Zoomlion, XCMG, LiuGong, and Shantui, as well as component suppliers like Hengli Hydraulic [14]. This summary encapsulates the essential insights and projections regarding the engineering machinery industry, highlighting both opportunities and risks as the sector approaches 2026.

行业研究 证 券 研 究 报 告 机械行业周报（20260223-20260301） 推荐（维持） 建议关注商业航天、液冷 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） 2025E | | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 300124.SZ | 72.92 | 2.11 | 2.54 | 3.00 | 34.58 | 28.75 | 24.32 | 6.07 | 强推 | | 法兰泰克 | 603966.SH | 13.45 | 0.60 | 0.77 | 0.94 | 22.44 | 17.58 | 14.26 | 3.06 | 强推 | | 信捷电气 | 603416.SH | 56.14 | 1.83 | 2.30 | 2.78 | 30.63 | 24.44 | 20. ...

证券代码：600031 证券简称：三一重工 公告编号：2026-005 三一重工股份有限公司 关于回购公司 A 股股份的进展公告 二、回购股份的进展情况 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关 规定，公司在回购股份期间应当在每个月的前 3 个交易日内公告截至上月末的回 购进展情况。现将公司回购股份进展情况公告如下： 2026 年 2 月，公司未实施股份回购。截至 2026 年 2 月月底，公司已累计回购 股份 7,267.92 万股，占公司 A 股总股本的比例为 0.86%，购买的最高价为 19.39 元 /股、最低价为 17.39 元/股，已支付的总金额为 135,536.87 万元（不含印花税、交 易佣金等交易费用）。 上述回购进展符合相关法律法规及公司回购股份方案的规定。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | | 2025/4/4 | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

| Ph 212"s with a dollar 11 list 1 high 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 卖出营业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 026-02-27 | 三一重工 | 600031 | 国泰海湾运营股份 23.15 5991.22 | 258.8 | 觀點點 | 190 | 2月27日，三一重工大宗交易成交258.8万股，成交额5991.22万元，占当日总成交额的4.62%，成交价 23.15元，较市场收盘价23.15元持平。 ...

中新网长沙2月27日电 (唐小晴 胡鸽 欧亚琦 彭婷)2月26日，长沙经开区2026年高质量发展大会召开，邀 请园区300家突出贡献企业及规上企业高管齐聚一堂、共谋发展。 为切实降低企业成本、强化金融支撑，园区还推出基金服务体系与自持物业免租金试点办法。今年，长 沙经开区将设立总规模50亿元、首期实缴10亿元的先进制造业产业基金，按"1+X+N"架构重点投向主导 长沙经开区2026年高质量发展大会召开。长沙经开区供图 产业及新兴未来产业。配套的金融支持政策极具吸引力：对实投园区企业超2000万元的私募或创投基 金，给予最高净投资额2%的奖励；法人金融机构落户，最高奖励5000万元。 为充分发挥优秀企业的榜样引领作用，大会对2025年度为园区发展作出突出贡献的100家企业(单位)进 行通报表扬。其中，三一集团有限公司、蓝思科技(长沙)有限公司等20家企业获经济效益突出贡献单 位。 营商环境就是阳光雨露。本次大会倾情奉上"新春大礼包"，密集发布2026年度投资机会清单、"人工智 能+制造"行动方案、"星创荟"创新服务体系、基金服务体系、"我为企业+"服务行动方案及自持物业免 租金试点实施办法，全方位、多维度为企业 ...

Group 1: Key Insights - The report highlights the strong growth potential of the semiconductor industry, particularly driven by the demand for high-speed optical chips due to the ongoing upgrades in overseas computing power, catalyzed by events like the NVIDIA GTC conference [4] - The report emphasizes the transition of the defense industry towards intelligent and information-based munitions, with the company being a key player in the production of solid rocket engines, which positions it well for future growth [4] - The real estate sector is currently in an adjustment phase, with expectations of increased industry concentration and a shift from scale to quality, benefiting leading companies like the one analyzed [5] - The automotive sector is seeing advancements in intelligent driving solutions, with the company positioned as a core supplier for L3 autonomous driving technology, indicating a strong growth trajectory [5] - The chemical industry is experiencing a tightening supply of refrigerants, with the company expected to benefit significantly from this trend, as well as from its leadership in fluoropolymer materials [6] - The agricultural sector is projected to see stable growth despite recent price declines, with the company actively increasing its arable land and benefiting from rising grain prices [7] - The logistics sector is expanding its capacity through new shipbuilding initiatives, with a strong dividend policy and low valuation enhancing its attractiveness [8] - The machinery sector is recovering, with significant growth in excavator sales, positioning the company to capitalize on the industry's resurgence [8] - The hotel industry is entering a phase of accelerated expansion, with a focus on quality and quantity in new openings, indicating a positive outlook for the company [9]

Core Viewpoint - The engineering machinery industry is experiencing a recovery in domestic demand and favorable conditions for exports, leading to improved profitability and a positive outlook for the sector's performance [1]. Domestic Sales Performance - In January, domestic sales of major engineering machinery products showed significant growth: excavators sold 8,723 units (up 61.4% year-on-year), loaders 5,293 units (up 42.8%), and truck cranes 1,608 units (up 0.56%) [2]. - The overall strong performance in domestic sales is attributed to the impact of the Spring Festival, with expectations for continued growth driven by favorable policies in real estate and infrastructure, as well as an ongoing equipment replacement cycle [2]. Export Performance - In January, all categories of exports experienced year-on-year growth: excavators sold 9,985 units (up 40.5%), loaders 6,466 units (up 53.4%), and truck cranes 452 units (up 128%) [3]. - The positive export performance is expected to continue due to improving overseas market conditions and the deepening penetration of domestic brands in international markets, which will likely enhance their market share abroad [3]. Investment Recommendations - The company recommends focusing on investment in SANY Heavy Industry, Hengli Hydraulic, and LiuGong as key players in the engineering machinery sector [3].

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 Index by more than 5% in the next six months [7]. Core Insights - The report highlights a significant growth in both domestic and export sales of construction machinery in January, indicating a strong upward trend in demand [4][5]. - Domestic sales of key products such as excavators and loaders saw substantial year-on-year increases, with excavator sales reaching 8,723 units, up 61.4%, and loader sales at 5,293 units, up 42.8% [4]. - Export sales also showed robust growth, with excavator exports at 9,985 units, a 40.5% increase, and loader exports at 6,466 units, up 53.4% [5]. - The report anticipates continued improvement in the industry driven by favorable policies in real estate and infrastructure, alongside a renewal cycle for construction machinery [4]. Summary by Sections Domestic Sales Performance - In January, domestic sales of construction machinery experienced high growth, with notable increases in excavators (61.4%) and loaders (42.8%) [4]. - The overall domestic market is expected to continue its upward trajectory due to improved funding and supportive policies [4]. Export Sales Performance - All categories of machinery exports showed year-on-year growth in January, with excavators and loaders seeing increases of 40.5% and 53.4%, respectively [5]. - The report suggests that as overseas market conditions improve, domestic brands will gain further market share internationally [5]. Investment Recommendations - The report recommends a positive outlook for the construction machinery sector, highlighting companies such as SANY Heavy Industry, Hengli Hydraulic, and LiuGong as key investment opportunities [5].