"制造强国"实干系列周报(26/03/15期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 刘建伟 A0230521100003 王艺儒 A0230523110003 联系人：何佳霖 A0230523080002 2026.3.16 证 券 研 究 报 告 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 2026AWE见闻：AI重构家庭，科技落地日常 ◼ 能源矛盾加剧，看好风电板块估值重估 ◼ 珍惜回调窗口，加配工程机械 ◼ 风险提示：市场竞争加剧的风险；原材料价格波动风险；经济周期波动的风险 主要内容 3 1. 2026AWE见闻：AI重构家庭，科技落地日常 2. 能源矛盾加剧，看好风电板块估值重估 3. 珍惜回调窗口，加配工程机械 ◼ 京东AWE打造千场"总裁+明星"双矩阵直播 www ...

2026年2月份，我国新能源重卡整体销量同比下降9%，遭遇自2023年2月份以来的首次同比下降，作为新能源重卡市场占比最高的细 分领域，新能源牵引车表现如何？ 请看第一商用车网的分析报道。 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2月份，国内新 能源重卡销售7435辆，环比1月份下降54%，同比下降9%。其中新能源牵引车销售4555辆，环比下降57%，同比下降25%。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2月份也交出环比、同比双降的成绩单。 2026年2月份，新能源牵引车在新能源重卡市场占到61.26%的比重，较上月（65.39%）有所下滑，今年1-2月份，新能源牵引车在新 能源重卡市场占到64.08%的比重，较其2025年全年76.36%的占比低了超12个百分点，与去年同期（71.74%）相比也低了超7个百 分点（如上图）。根据第一商用车网的观察， 2025年，牵引车在新能源重卡单月销量结构占比持续高位， 全年有11个月占比超过 70%，从这个角度看，今年前2个月新能源牵引车市场"火力"是有所下降的。 从最近几年国内新 ...

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].

自2023年2月份开始，我国新能源重卡销量一直保持同比增长，这样令人惊叹的纪录最终定格在"36连增"。 2026年2月份，新能源重卡市场出现了自2023年2月份以来的首次同比下降，请看第一商用车网的分析报道。 2月实销7435辆，同比下降9%，连增势头中断 根据第一商用车网掌握的最新数据，2026年2月份，国内新能源重卡市场共计销售7435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1月份下降54%，同比也出现下滑，降幅为9%。第一商用车网分析认为，2月份新能源重卡终端销量出现 环比、同比双降实际上并不意外。原因主要有两方面：一是受到春节假期影响（2026年2月份春节假期长达9天）；其二则是由于2026 年新能源汽车购置税由减免变减半，2025年年底大量用户提前购买一定程度上影响了今年一季度市场需求。 上图可见，与过去相当长一段时间内，当月销量比之前任何一年同期销量高出一截的情况不同，代表2026年2月份的红色柱体落到了 2025年同期销量之下，这是新能源重卡市场自2023年2月份以来首次出现同比下滑，新能源重卡市场这一轮的连增势头最终定格在 了"36连增"，这一纪录未来恐怕很难再被打 ...

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]

其中，微挖凭借零尾回转设计，在狭窄施工空间内展现出卓越的机动性能；中挖实现挖掘性能强劲、操控精准 且作业高效的多重优势；起重机配备智能前窗系统，显著提升操作安全性与驾乘舒适度；新一代装载机则集成 了自动限位、一键抖料、平行举升等先进智能功能，可大幅提升施工效率与作业经济性。 "北美市场是全球工程机械行业的高端标杆市场，也是三一集团国际化战略的核心布局区域。"三一集团工作人 员接受《证券日报》记者采访时表示，北美市场有着极为严苛的行业准入标准与产品性能要求，客户不仅关注 设备本身的排放合规性、作业稳定性与智能化水平，更对全生命周期服务保障、定制化场景解决方案有着极高 的要求。"针对北美市场的核心需求，我们坚持'适应本土化需求、针对需求开发、结合本土化服务'的深耕策 略，本次带来的新品全部符合北美最新排放标准，针对市政施工、园林建设、矿山开采、港口物流等本土高频 工况完成了定制化优化。 未来，我们将持续加大在北美市场的研发投入与渠道布局，完善全链条服务体系，以更贴合本土需求的 产品与服务，进一步提升三一品牌在北美高端市场的渗透率与影响力，让中国智造深度融入北美基建与产业发 展进程。" AI智能解决方案展示区域，无 ...

Group 1 - Korean investors have shown significant interest in A-shares, with top net purchases including SANY Heavy Industry, Power Construction Corporation of China, and Accelink Technologies, among others [1][3] - In the Hong Kong market, notable net purchases include China Energy Construction, MiniMax, and Harbin Electric, indicating a strong preference for energy and technology sectors [1] - The trend reflects a shift towards HALO assets, which are characterized by stability and growth potential, particularly in the context of rising global uncertainties [1] Group 2 - Over the past month, three ETFs have made it to the top 20 net purchases by Korean investors, with the Silverhua CSI Innovation Drug Industry ETF leading at a net purchase of $148.05 million [2] - The strong performance of the Korean stock market has encouraged local investors to allocate funds into Chinese assets, particularly in the innovative drug and artificial intelligence sectors [2][3]

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The machinery equipment industry is experiencing sustained growth, with February exports exceeding expectations. The main drivers are the "replacement cycle and external demand" [1][6]. - Domestic sales of excavators slightly decreased in January-February 2026, while exports continued to grow significantly. The overall upward trend for the year remains unchanged despite short-term fluctuations due to the Spring Festival [6]. Summary by Sections Market Review - In February 2026, the Shenwan Machinery Index rose approximately 7.35%, outperforming the Shanghai Composite Index by 6.26 percentage points and the CSI 300 by 7.26 percentage points [13]. - The performance of different segments includes: - Complete machine manufacturing for earthmoving/concrete/lifting machinery: -1.7% - Complete machine manufacturing for others: 2.5% - Components: 20.7% [13]. Industry Tracking - Excavator sales in January-February 2026 totaled 35,934 units, a year-on-year increase of 13.10%. Domestic sales were 15,478 units, down 9.19%, while exports reached 20,456 units, up 38.8% [18]. - Loader sales for the same period were 21,299 units, a year-on-year increase of 27.9%. Domestic sales were 9,156 units, up 11.5%, and exports were 12,143 units, up 43.9% [18]. Macro Dynamics - In February 2026, the manufacturing PMI fell to 49.0%, indicating a seasonal decline. However, high-tech manufacturing PMI remains in the expansion zone at 51.5% [48]. - The government has clarified its fiscal strategy, planning to issue 4.4 trillion yuan in special bonds and 800 billion yuan in ultra-long-term special bonds to support large-scale equipment updates [48]. Key Targets - Recommended leading manufacturers include: - Zoomlion Heavy Industry (000157) - Sany Heavy Industry (600031) - XCMG (000425) - LiuGong (000528) [6]. - Core component manufacturers to focus on: - Hengli Hydraulic (601100) - Aidi Precision (603638) - Fushite (301446) [6].

[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 ...