2026 年 3 月 20 日 行业研究 1-2 月挖掘机出口大幅增长，政策支持行业景气度持续复苏 ——工程机械行业 2026 年 1-2 月月报 机械行业 买入（维持） 作者 分析师：陈佳宁 执业证书编号：S0930512120001 021-52523851 chenjianing@ebscn.com 分析师：汲萌 执业证书编号：S0930524010002 021-52523859 jimeng@ebscn.com 行业与沪深 300 指数对比图 -40% -20% 0% 20% 40% 25/03 25/06 25/09 25/12 26/03 机械行业 沪深300 资料来源：Wind 要点 2026 年 1-2 月挖掘机内销受春节假期影响短期承压，部分非挖品类景气度复苏 2026 年 1-2 月我国挖掘机（含出口）销量 35934 台，同比增长 13.1%；其中 内销 15478 台，同比下降 9.2%。部分非挖品类工程机械内销呈现明显复苏趋势， 2026 年 1-2 月装载机内销销量同比增长 11.5%；汽车起重机内销销量同比增长 2.4%；履带起重机内销销量同比增长 30.3%。 2026 年 ...

2026年2月份，新能源重卡整体销量出现了自2023年2月份以来的首次同比下降，各细分市场命运大不相同。氢燃料电池重卡与混合动 力重卡会不会是逆势增长的那一部分？ 答案是否定的，请看第一商用车网的分析报道。 氢能重卡遭遇"2连降"，混动重卡增幅转负降19% 根据第一商用车网的观察，过去很长一段时间，氢燃料电池重卡和混合动力重卡的"存在感"一直不强。上图可见，燃料电池重卡在 2025年新能源重卡市场能一眼被看见的月份一只手都数得过来，混合动力重卡更难被"看见"。这样的情况也延续到了2026年，2026 年前两个月，燃料电池重卡和混合动力重卡几乎都是可以忽略不计的存在，1-2月份，燃料电池重卡和混合动力重卡在整个新能源重卡 市场占比分别仅有0.15%和0.92%，合计占比仅有1.07%，余下98.93%均为纯电动车型（这一占比略高于去年同期，如下图）。 混合动力重卡：9家企业实现销售，远程独食超3/4份额 2026年2月份，混合动力重卡实销70辆，同比下降19%，同比增幅遭遇转负，混合动力重卡这一轮的连增势头最终定格在"16连增"。 2月份，混合动力重卡市场有7家企业实现销售，远程销售51辆继续蝉联月榜销冠，月度 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 中國香港，二零二六年三月十八日 於本公告日期，董事會包括(i)執行董事向文波先生及俞宏福先生；(ii)非執行董事 梁穩根先生、梁在中先生及劉道君先生及(iii)獨立非執行董事伍中信先生、席卿 女士及藍玉權先生。 （股份代號：6031） 董事會會議召開日期 三一重工股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二 零二六年三月三十日（星期一）舉行董事會會議，藉以（其中包括）考慮及批准本公 司及其附屬公司截至二零二五年十二月三十一日止年度之經審核業績及其刊發， 並考慮建議派發末期股息（如有）。 承董事會命 三一重工股份有限公司 執行董事兼董事長 向文波 SANY HEAVY INDUSTRY CO., LTD. 三一重工股份有限公司 （於中華人民共和國註冊成立的股份有限公司） ...

在全球资本市场波动加大、地缘政治风险加剧的背景下，中国资产凭借独特的"性价比"优 势，吸引了众多海外投资者的目光。 韩国预托结算院（KSD）旗下SEIbro数据显示，最近一个月，韩国投资者净买入A股证券主要有 三一重工、中国电建、长电科技、光迅科技、梅花生物、赣锋锂业、许继电气等，净买入金额均 不低于100万美元。 值得一提的是，相关ETF也在韩国股民的扫货名单中。近一个月以来，国联安中证全指半导体产 品与设备ETF、华夏国证半导体芯片ETF两只ETF获韩国投资者净买入金额排名居前。 聚焦"HALO"资产与新兴赛道 从近一个月以来韩国股民的投资动向来看，中国"HALO"资产以及半导体等新兴赛道备受青睐。 SEIbro数据显示，近一个月以来，韩国股民对三一重工、中国电建、许继电气等行业龙头产生浓 厚兴趣。其中，三一重工以近一个月净买入超630万美元排名居首，中国电建的净买入金额超过 440万美元，许继电气的净买入金额也不低于130万美元。 排排网财富研究总监刘有华向记者表示，近年来，韩国投资者聚焦中国AI、机器人等领域，主要 基于三重考量：一是产业成长性与估值吸引力。中国在上述领域具备完整的产业集群与明确的政 ...

Group 1: Core Insights - AI is reshaping households and technology is becoming more integrated into daily life[3] - The energy sector is facing increasing contradictions, with a positive outlook for wind power sector valuation reassessment[3] - It is advisable to take advantage of the pullback window and increase allocation in engineering machinery[3] Group 2: Engineering Machinery Market - In 2025, fixed asset investment in the real estate sector reached 11.28 trillion yuan, down 17.50% year-on-year, and down 38% compared to 2021[21] - The new construction area in real estate for 2025 was 588 million square meters, a year-on-year decline of 20.47%, and down 74% from the peak in 2019[21] - Excavator sales in 2025 totaled 235,257 units, a year-on-year increase of 16.97%, with domestic sales at 118,518 units, up 17.88%[31]

Core Viewpoint - In February 2026, the overall sales of new energy heavy trucks in China experienced a year-on-year decline of 9%, marking the first decline since February 2023. The new energy tractor segment, which holds the largest market share, also showed a significant downturn in performance [1][2]. Sales Performance - In February 2026, domestic sales of new energy heavy trucks totaled 7,435 units, reflecting a month-on-month decrease of 54% and a year-on-year decrease of 9%. Specifically, new energy tractors sold 4,555 units, with a month-on-month decline of 57% and a year-on-year decline of 25% [2][5]. - The market share of new energy tractors in the new energy heavy truck segment was 61.26% in February, down from 65.39% in January. For the first two months of 2026, the share was 64.08%, significantly lower than the 76.36% share in 2025 [4][10]. Market Trends - February 2026 marked the first year-on-year decline in new energy tractor sales since July 2023, ending a streak of 31 consecutive months of growth [7]. - The overall heavy truck market in February saw a total sales volume of 28,400 units, with a 41% decline both month-on-month and year-on-year. New energy tractors accounted for 29.36% of the total tractor sales, a notable drop from 42.07% in January [10][12]. Technology and Distribution - The majority of new energy tractors sold in January and February 2026 were pure electric, with 99.60% of the 15,100 units registered being electric vehicles. The top three provinces for registrations were Guangdong, Shanxi, and Shandong, collectively accounting for over 30% of total sales [12][19]. Company Performance - In February 2026, the leading companies in new energy tractor sales included XCMG with 828 units, followed by SANY with 709 units, and FAW Jiefang and Sinotruk closely behind. The market showed a mixed performance with some companies experiencing significant growth while others faced declines [15][17]. - Cumulatively, in the first two months of 2026, the new energy tractor market saw a total sales of 15,100 units, representing a year-on-year increase of 38%. Notably, companies like XCMG and Yuantong achieved substantial growth rates of 105% and 6575%, respectively [20][23]. Conclusion - The new energy heavy truck market in the first two months of 2026 exhibited contrasting trends, with a significant increase in January followed by a sharp decline in February. The upcoming traditional sales season will be critical for the new energy tractor market to regain momentum [25].

长续航赋能，破解续航焦虑 以0.7kWh/km极致能耗，实现400km超长续航，完美适配城际短途快运。 三一江山平顶4x2电动载货车，携五大核心优势重磅登场，精准贴合城际快递快运核心需求，开启城际快运电动化新篇章！ 轻量化设计，减负增效省心 搭载318kWh黄金电量，底盘自重仅7.36t，较友商352kWh车型轻450kg，大幅提升载货效率，降低运营成本。 大容积加持，装载能力拉满 配备牵引车同等空间宽体驾驶室，空间超大、驾乘舒适；货厢容积高达70m3，满足城际快运需求，高效不误工。 快补能技术，片刻满能出发 搭载800V高压平台，支持双枪500A、1.2C快充；S0C20-80%仅需30min，可跑270km，高效补能适配快运节奏。 高安全守护，出行全程无忧 自研域控系统，信息传输稳定、安全、抗干扰；搭载AEB自动紧急制动、EBS+ESC、智运通车联网系统，全方位筑牢行车安全防线。 从轻量化到长续航，从快补能到高安全，三一江山平顶4x2电动载货车，助力物流从业者降本增效，重塑城际快运新效率。 ● 2月新能源重卡实销超7400辆！徐工/三一/重汽争冠 东风/远程/宇通逆增 | 头条 ● 批量高端微卡交付小米之 ...

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

Core Viewpoint - The sales of new energy heavy trucks in China have experienced a significant decline in February 2026, marking the first year-on-year decrease since February 2023, ending a streak of 36 consecutive months of growth [1][2][16]. Sales Performance - In February 2026, the domestic new energy heavy truck market sold 7,435 units, representing a 9% year-on-year decrease and a 54% month-on-month decline [1][2]. - The overall heavy truck market saw a total sales of 28,400 units in February, with a 41% decline both month-on-month and year-on-year [2]. Market Share - In February 2026, new energy heavy trucks accounted for 26.16% of the total heavy truck market, down approximately 7 percentage points from the previous month but up nearly 10 percentage points from the same month last year [4]. - For January-February 2026, the market share of new energy heavy trucks reached 30.58%, slightly higher than the 2025 annual share of 28.89% [4]. Regional Distribution - By February 2026, there were 285 cities in China with registered new energy heavy trucks, with 65 cities having over 100 registrations [7]. Leading Companies - In February 2026, 12 companies sold over 100 units of new energy heavy trucks, with two companies exceeding 1,000 units: XCMG with 1,230 units and SANY with 1,078 units [9]. - The top 12 manufacturers showed mixed results in February, with some companies like Yutong and United Heavy Truck achieving over 100% growth, while others experienced significant declines [11]. Cumulative Sales Data - Cumulatively, from January to February 2026, new energy heavy truck sales reached 23,500 units, a 54% increase year-on-year, although the growth rate has significantly narrowed compared to January [12]. - The leading companies in cumulative sales for January-February 2026 included XCMG (4,413 units), China National Heavy Duty Truck (3,365 units), and SANY (3,296 units) [14]. Market Dynamics - The decline in sales in February 2026 is attributed to the long Spring Festival holiday and the reduction in the new energy vehicle purchase tax, which led to a preemptive buying surge in late 2025 [1][2][16].

Group 1 - South Korean retail investors have significantly increased their net purchases of Chinese assets, particularly in sectors such as power equipment, engineering machinery, and chemicals, which are classified as HALO assets by Goldman Sachs [1] - The top net bought A-shares by South Korean investors include companies like SANY Heavy Industry, China Power Construction, and Guangxun Technology, while the leading Hong Kong stocks include China Energy Construction and Baidu [1] - The current trend indicates that as risk appetite rises among investors, there is a shift towards HALO assets, suggesting that AI technology stocks are perceived to be overvalued [1] Group 2 - The performance of US tech stocks has been mediocre this year, while the South Korean stock market has shown strong growth but recently experienced volatility [1] - Global capital is increasingly seeking certainty in investments, especially following geopolitical events in the Middle East, indicating that HALO assets are unlikely to be replaced by AI and some sectors are entering a price increase cycle [1]