Core Viewpoint - SANY Group and Holcim Group have signed a Letter of Intent for a procurement framework valued at SFr100 million ($126 million) over five years, focusing on electric and autonomous construction equipment to enhance sustainability in the construction sector [1][5]. Group 1: Agreement Details - The agreement includes SANY supplying Holcim with 100 units of electric machinery within three years [1]. - SANY will also deploy 20 autonomous mining trucks across Holcim's international operations over two years [2]. - This collaboration builds on previous joint projects initiated in 2019, including pilot initiatives with SANY's SY500H excavators and electric vehicle fleets in Europe and Latin America [2]. Group 2: Technological Integration - SANY will implement fleet management systems, intelligent driving solutions, and automated dispatching services to support Holcim's operational goals [3]. - Holcim's partnership with SANY is part of its 'NextGen Growth 2030' strategy, which aims to integrate new technologies into its business model [3]. Group 3: Economic Viability and Strategic Goals - Holcim's Operations Excellence and Strategy president highlighted the validated economic viability and Total Cost of Ownership (TCO) advantages of SANY's electric equipment, which supports Holcim's transition to a net-zero fleet [4]. - SANY's board director emphasized the company's commitment to its 'Three Transformations' strategy: Globalisation, Digitalisation, and Decarbonisation, showcasing the potential of Chinese high-end machinery in sustainable engineering [5]. Group 4: Additional Developments - In July 2025, SANY Silicon Energy began constructing a solar power plant in Zimbabwe, marking SANY's entry into the solar energy market in Africa [6].

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， 连增势头就此中断，但仍有一些细分领域坚挺地延 续着增长势头。 充电重卡市场就是其中之一。请看第一商用车网的分析报道。 从细分车型来看，2026年1-2份挂牌上路的充电重卡仍以牵引车、自卸车，以及混凝土搅拌车为主，分别达到9540辆、3019辆和 2297辆，占比分别达到56.1%、17.8%和13.5%。此外，洗扫车、清洗车等环卫车型也是充电重卡的重要细分车型，合计占比达到 11.6%。 2026年1-2月，全国除港、澳、台外的31个省级行政区都有充电重卡上牌。具体到城市来看，截止到2月份，全国已有275座城市有充 电重卡上牌（换电重卡进入的城市是187座），上牌量超过百辆的城市达到42座，广州、深圳、成都、唐山、重庆、长沙等城市2026 年上牌量已超过500辆（如下图）。 2月实销5518辆同比小增3%，连增势头继续 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%，同比下降9%。2月份，纯电动重卡（包括换电和充电）销售7363辆，占比高达 ...

作为三一集团旗下商用车矩阵中的明星品牌，三一工车凭借着国产车的高性价比和媲美进口车品质的口碑，迅速占领了国内工程车市 场。日前，在三一工车2026款新品发布会上，三一工车推出的2026款TAI5重载428平顶自卸车，再度引起关注。 2026款TAI5重载428平顶自卸车具有哪些配置？重载428平顶自卸车又具备哪些优势？下面就跟随第一商用车网的小编近距离的了解下 这款自卸车。 当下，重载松散运输场景面临着多重行业难题。治超政策趋严，传统车型难以适配55-70T的限载要求，作业过程中货箱抗冲击能力 差，设备故障率居高不下；中低电量下续航受限，运输效率大打折扣。同时，人工成本上涨、运价持续下滑的市场环境，让客户对车辆 的"赚钱能力"提出了更高要求。 三一工车深刻洞察这一细分场景的核心需求，摒弃行业通用的改装模式，以全场景正向开发为理念打造2026款TAI5重载428平顶自卸 车，精准覆盖公路运输、矿山内部倒短等重载松散治限载55-70T场景，为客户提供兼具合规性与盈利能力的一体化解决方案。 高效运营是客户实现盈利的关键， TAI5 重载 428以"装得多、跑得快、效率高"为核心，打造专属黄金动力链，全面提升运输效率 ...

Investment Rating - The industry investment rating is "Buy" with an expectation that the stock price will outperform the market by more than 10% over the next 12 months [2]. Core Insights - The report identifies three main concerns regarding the engineering machinery sector: the impact of currency exchange rates, the pace of post-holiday resumption of work, and the effects of the US-Iran conflict on exports [5]. - It is suggested that the market may be overreacting to currency exchange risks, as the impact on financial statements is relatively limited when viewed annually [5]. - High-frequency data from March indicates a more optimistic outlook for domestic construction and overseas demand, leading to recommendations for specific companies [5]. Summary by Sections Currency Exchange Impact - The report discusses the potential impact of the RMB appreciation on corporate financial statements, noting that the USD/CNY exchange rate fell from 7.03 at the end of December to 6.89, a 2% decrease [5]. - For Sany Heavy Industry, the beta coefficient for overseas gross margin and exchange rate changes is 0.48, indicating that a 1% appreciation of the RMB affects overseas gross margin by approximately 0.48% [5]. - The report emphasizes that the exchange rate impact may be overstated, especially for companies with significant local operations [5]. Resumption of Work - Data from the construction industry shows a significant improvement in the resumption of work during the fourth week post-holiday, with rates of 62% for both resumption and labor engagement, and a funding availability rate of 51% [5]. - The new order price index from Pangyuan Leasing on March 20 was reported at 447, reflecting an 18% year-on-year increase, indicating improved activity [5]. Export Concerns - The report states that the Middle East accounted for only about 9% of China's excavator export value in December 2025, suggesting limited impact from the US-Iran conflict [5]. - Data from AEM indicates a 22% year-on-year increase in overseas excavator sales in January 2026, the highest growth since February 2022, driven by mining investment and recovery in Europe and the US [5]. Investment Recommendations - The report recommends stocks such as Hengli Hydraulic, Sany Heavy Industry, XCMG, and Zoomlion, while also suggesting to pay attention to Aidi Precision and Shantui [5].

Investment Rating - The report does not explicitly state an investment rating for the industry but suggests a positive outlook for specific companies within the machinery sector [10]. Core Insights - The agricultural machinery sector is expected to recover globally, with significant growth in domestic demand and exports, particularly in the tractor segment [4]. - Yushutech's IPO is highlighted, showcasing its leading position in humanoid robot sales and strong profitability metrics [4]. - The engineering machinery sector is experiencing high export growth, with recommendations for several leading companies due to their undervaluation and potential profit elasticity from overseas markets [4]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 6.26% over the past week, ranking 25th among 31 primary industry categories, while the CSI 300 Index decreased by 2.19% [12]. - Year-to-date, the SW Machinery Equipment Index has risen by 1.36%, ranking 12th among the same categories, with the CSI 300 Index down by 1.36% [14]. Agricultural Machinery - In January-February 2026, the production of large and medium tractors in China was 25,000 and 46,000 units, respectively, showing a year-on-year change of +9.4% and -3.5% [4]. - Exports of wheeled tractors reached 22,800 units, a year-on-year increase of 37.1%, with export value at $22.6 million, up 32.2% [4]. Engineering Machinery - The total export of excavators and loaders in January-February 2026 was 20,456 and 12,143 units, respectively, with year-on-year growth of 38.8% and 43.9% [4]. - The report emphasizes the potential for profit elasticity from overseas markets and recommends companies like XCMG, Hengli Hydraulic, Sany Heavy Industry, Zoomlion, and LiuGong [4]. Humanoid Robotics - Yushutech plans to issue at least 40.45 million shares to raise 4.2 billion yuan, aiming to become the first humanoid robot company listed on the A-share market [4]. - The company reported a revenue of 1.708 billion yuan in 2025, a year-on-year increase of 335%, with a gross margin of 60.27% and a net profit margin of 35.1% [4]. Sector Performance Indicators - General machinery is under pressure, while engineering machinery is accelerating upward, with stable growth in railway equipment and gas turbines [4]. - The shipbuilding sector is experiencing a slowdown, while oil service equipment is stabilizing at the bottom [4].

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on AI and mechanical equipment investment opportunities [1]. Core Insights - The report emphasizes the potential of AI-driven mechanical equipment, particularly in the robotics sector, where companies like Yushu Technology are showing significant growth in revenue and profitability [1]. - The GTC conference highlighted the increasing demand for AI computing power, which is expected to drive growth in PCB and liquid cooling segments [2]. - The solar equipment sector is poised to benefit from Tesla's procurement of photovoltaic equipment and Blue Origin's satellite launch plans, indicating strong demand for leading equipment manufacturers [3]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and Zhongwei Company, among others, across various segments including robotics, AI devices, and solar equipment [1][2][3]. Industry Trends - The robotics industry is experiencing a significant rebound, with Yushu Technology's IPO materials indicating a revenue increase of 335.36% and a net profit increase of 674.29% for 2025 [1]. - The AI device sector is seeing advancements in architecture and cooling solutions, with Nvidia's LPU architecture expected to enhance performance and drive PCB demand [2]. - The solar equipment market is benefiting from increased demand driven by major companies like Tesla and innovative projects like Blue Origin's satellite constellation [3]. Market Dynamics - The oil service equipment sector is facing short-term adjustments due to geopolitical tensions, but long-term demand is expected to rise as oil prices remain high and reconstruction efforts in conflict areas increase [7]. - The mechanical equipment industry is projected to see significant growth opportunities due to China's increasing foreign investments and the global demand for advanced machinery [37].

证券研究报告 2026年03月21日 工程机械 机械行业专题报告： 工程机械2026年1-2月海关数据更新 评级：推荐(维持) 张钰莹(证券分析师) S0350524100004 zhangyy03@ghzq.com.cn 最近一年走势 相关报告 -16% -7% 2% 12% 21% 30% 2025/03/21 工程机械 沪深300 《机械行业专题报告：工程机械2025年海关数据更新（推荐）*工程机械*张钰 莹》——2026-02-01 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 工程机械 | -13.3% | -6.4% | 6.0% | | 沪深300 | -2.0% | -0.0% | 14.9% | 请务必阅读报告附注中的风险提示和免责声明 2 摘要 2026年1-2月我国工程机械整体出口保持较高景气度： ü 根据海关总署，总体来看，2026年1-2月我国工程机械进出口贸易额为110.72亿美元，同比增长31.4%。其中进口金额3.86亿美元，同比下降7.46%；出 口金额106.86亿美元，同比增长33.4%。 挖掘机 ...

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） ...