| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301079 | 邵阳液压 | 58.45 | 17.84% | 40.79万 | | 23.82亿 | | 300201 | 海伦哲 | 7.46 | 9.54% | 98.28万 | | 7.15亿 | | 600984 | 建设机械 | 4.21 | 4.99% | 61.91万 | | 2.59亿 | | 600031 | 三一重工 | 22.28 | 3.97% | 110.42万 | | 24.44亿 | | 000425 | 徐工机械 | 11.80 | 3.69% | 94.73万 | | 11.16亿 | | 000680 | 山推股份 | 12.47 | 3.23% | 30.79万 | | 3.85亿 | | 603298 | 杭叉集团 | 27.66 | 3.09% | 9.57万 | | 2.62亿 | | 000157 | 中联重科 | 8.57 | 2.88% | 98.65万 | | 8.41亿 | ...

Group 1 - The report emphasizes the growth potential driven by AI and the reversal of the anti-involution cycle in the manufacturing sector [1] - Key companies highlighted include Yokogawa Electric, Zhejiang Rongtai, Shanghai Yanpu, Taotao Vehicle, Sany Heavy Industry, Zoomlion, XCMG, and others [2][3] - The core investment strategy focuses on sectors such as machinery, lithium battery equipment, and intelligent robotics, with a positive outlook for 2026 [4][6] Group 2 - The machinery sector is expected to see a strong start in 2026, with continued focus on technological growth in areas like embodied intelligence and commercial aerospace [4] - The report notes that the lithium battery equipment sector has crossed a turning point, with demand driven by energy storage and overseas power batteries, projecting a compound annual growth rate (CAGR) of 19% from 2024 to 2027 [6][10] - The report predicts significant profit growth for key companies, with expected net profits for 2025, 2026, and 2027 being 0.13 billion, 0.84 billion, and 1.90 billion respectively, indicating a CAGR of approximately 290% [11][17]

Investment Rating - The industry investment rating is "Overweight" [6] Core Views - The report highlights that the demand for mining machinery is expected to remain strong due to high global copper prices, which have risen over 30% since the beginning of the year, reaching nearly $12,000 per ton [2][5] - The export of excavators is becoming a key growth driver, with December export growth accelerating by 8 percentage points month-on-month, particularly in large excavators, which saw a year-on-year growth of over 60% [2][4] - The domestic market for excavators is anticipated to gradually recover, supported by major infrastructure projects and a potential revival in the real estate sector [4][5] Summary by Sections Excavator Sales and Exports - In December 2025, excavator sales reached 23,000 units, with domestic sales of 10,000 units (up 11% year-on-year) and exports of 13,000 units (up 27% year-on-year) [1] - The export of second-hand machinery has also seen significant growth, with year-on-year increases of 69% and 80% in October and November, respectively, indicating effective clearance of existing equipment [3] Domestic Market Recovery - The report notes that the domestic sales of small and medium excavators improved in December, while large excavators continued to show resilience despite a slowdown in growth [4] - Key infrastructure projects, such as those along the Yarlung Tsangpo River, are expected to support the recovery of domestic demand for construction machinery [4][5] Recommendations for Key Companies - The report recommends several companies for investment, including SANY Heavy Industry, XCMG, Liugong, and Hengli Hydraulic, all of which are expected to benefit from the ongoing demand in both domestic and international markets [8][17]

——2025年港股IPO市场回顾暨2026年展望 | 证券分析师：彭文玉 | | A0230517080001 | | --- | --- | --- | | | 朱敏 | A0230524050004 | | | 任奕璇 | A0230525050002 | | 研究支持: | 陈榕杰 | A0230125080001 | | 联系人: | 陈榕杰 | A0230125080001 | | 2026.01.09 | | | 摘要 证券研究报告 风起潮未落 www.swsresearch.com 2 ◼ 2025年港股IPO融资规模领跑全球，新股上市表现强劲，破发率降至历史低位。供给端，港股上市制度持续优化，叠加外地公司赴港进程加 速，使港股成为企业融资及二次上市的重要选择；定价端，二级市场估值上行拓宽了新股上涨空间，一二级价差走阔为新股首日表现创造了 条件。在此背景下，2025年港股打新收益显著回暖，稳获一手（500-2000万港元）对应的表观收益率回升至0.57%～1.04%，明显高于 2021-2024年水平，基石投资者平均解禁收益率64%，约89%项目录得正收益。展望2026年，预期港股IPO投融资两 ...

Summary of Key Points from the Conference Call on the Engineering Machinery Industry Industry Overview - The domestic engineering machinery market is experiencing a rebound, primarily driven by replacement demand, with a notable increase in the share of small excavators. It is expected that annual excavator sales will double from 100,000 units to 200,000-300,000 units over the next 3-5 years [1][4] - Non-excavator categories such as cranes and concrete equipment are following a similar logic, having seen significant declines previously and currently being at low levels with an existing replacement cycle. The growth in excavators is anticipated to drive growth in non-excavator categories, marking the beginning of an upward cycle in the domestic engineering machinery sector [1][5] Core Insights and Arguments - The overseas market has become a major source of revenue and profit for engineering machinery companies, with companies like SANY and XCMG reporting overseas revenue contributions of 40%-60% and profit contributions of 80%-100% [1][6] - The global engineering machinery market is projected to show cyclical recovery in 2026, with strong growth in markets such as Russia, Indonesia, the Middle East, South America, and Africa, while the US and European markets are also beginning to recover, aided by interest rate cuts stimulating fixed asset investment cycles [1][8][9] - Greenfield investments are highly correlated with engineering machinery growth, leading by about three years. In 2023, greenfield investments reached over $700 billion, indicating a significant increase in demand for engineering machinery in 2025 and 2026 [1][10] Domestic Market Dynamics - Despite a decline in working hours, excavator sales have turned positive due to replacement demand. As of the end of 2023, the excavator ownership in China is approximately 2 million units, with construction accounting for 75% of the demand. If real estate demand declines by 80%, the need for excavators would still be around 178,000 units annually [4] - The current replacement cycle in China is estimated at 8-10 years, but as the market matures, it may shorten to 4-5 years, similar to mature markets in North America and Europe, leading to more frequent replacement cycles and increased new machine sales [4] Non-Excavator Categories - Non-excavator categories are expected to grow as excavator sales increase, with companies reporting positive trends in these segments. The overall upward cycle for domestic engineering machinery is just beginning [5] Overseas Market Importance - The overseas market is crucial for the engineering machinery industry, with significant revenue and profit contributions from international sales. The focus of investment should be on overseas markets rather than solely on domestic performance [6] Regional Performance - Data from January to November 2026 shows positive trends across major regions, with Russia experiencing nearly 24% growth in November and the US and Western Europe also showing recovery. China's exports to North America and Western Europe have seen growth rates of 25% and 28%, respectively [7] Profitability and Future Outlook - Chinese manufacturers have a competitive price advantage in the mid-to-small tonnage segment, achieving over 80% market share in key markets like Russia and Indonesia. The profitability in these regions remains strong, with net profit margins exceeding 10% in Russia and 16% in Indonesia [12][14] - The engineering machinery sector is expected to see significant profit growth due to low domestic market bases, increasing overseas market cycles, and improved operational leverage [16][22] Investment Attractiveness - The engineering machinery sector is currently highly attractive for investment, with the domestic market at a low point and strong replacement demand, alongside favorable overseas market conditions and high profitability potential. Companies like SANY, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic are recommended for investment consideration [22]

1月8日三一重工大宗交易一览 | 成交量（万 | 成交金额（万 | | 成交价格 | 相对当日收盘折溢价 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | 股） | | 元） | （元） | （%） | 业部 | | | 220.00 | 4668.40 | | 21.22 | -0.98 | 机构专 | 国信证券股份有限公司湖 | | | | | | | 用 | 南分公司 | | 80.00 | 1697.60 | | 21.22 | -0.98 | 机构专 | 国信证券股份有限公司湖 | | | | | | | 用 | 南分公司 | （文章来源：证券时报网） 三一重工1月8日大宗交易平台共发生2笔成交，合计成交量300.00万股，成交金额6366.00万元。成交价 格均为21.22元，相对今日收盘价折价0.98%。从参与大宗交易营业部来看，机构专用席位共出现在2笔 成交的买方或卖方营业部中，合计成交金额为6366.00万元，净买入6366.00万元。 证券时报·数据宝统计显示，三一重工今日收盘价为21.43元，下跌1.38%，日换手 ...

证券之星消息，1月8日工程机械板块较上一交易日下跌1.61%，恒立液压领跌。当日上证指数报收于 4082.98，下跌0.07%。深证成指报收于13959.48，下跌0.51%。工程机械板块个股涨跌见下表： 从资金流向上来看，当日工程机械板块主力资金净流入1.77亿元，游资资金净流出1.51亿元，散户资金净 流出2601.73万元。工程机械板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 301079 | 邵阳液压 | 1.56亿 | 23.40% | -1.05 Z | -15.78% | -5095.25万 | -7.62% | | 601100 | 恒立液压 | 1.28 Z | 7.87% | -382.57万 | -0.23% | -1.24亿 | -7.64% | | 000425 | 徐工机械 | 6765.53万 | 7.54% | -8951.97万 | -9.98% | 2 ...

Summary of Key Points from Conference Call Records Industry Overview - The mechanical industry is focusing on key development areas such as robotics, AI-related equipment, future energy technologies, and traditional mechanical sectors with cyclical advantages [1][3][9]. Core Insights and Arguments Robotics Sector - Domestic manufacturers like Yushu and Leju are expected to go public, with a focus on companies such as Dongfang Precision and Zhongjian Technology [1][3]. - The robotics sector is anticipated to see significant growth, with a production forecast of tens of thousands of units by early 2026 [3]. AI-Related Equipment - The gas turbine is highlighted as a primary recommendation for data center construction, with Jerry Holdings securing a $200 million order and a projected market value of 100 billion RMB [1][4]. - PCB equipment companies like Dingtai High-Tech and Dazhong CNC are expected to benefit from increased AI PCB demand, with market valuations projected to rise significantly [1][5]. Solid-State Batteries - Solid-state battery companies are entering small-scale production bidding phases, with leading firms like CATL taking action [1][6]. - The solid-state battery sector is driven by replacement demand, indicating a stable growth trajectory [6]. Lithium Battery Equipment - Orders in the lithium battery equipment sector are expected to recover significantly starting from Q4 2025, with some companies experiencing order growth rates of 50% or higher [1][7]. - The industry is projected to show a performance turning point in 2026, with significant increases in orders and market activity [7][8]. Nuclear Fusion Industry - The nuclear fusion sector is gaining momentum, with substantial capital expenditures and projects like the Hefei Best project receiving 7 billion RMB in investment [9]. - The industry is expected to see opportunities in 2026, particularly with projects entering peak bidding periods [9]. Engineering Machinery - The domestic engineering machinery market is projected to grow at 10%-15%, driven by large energy projects and infrastructure investments [2][10]. - Overseas markets, particularly in Africa, the Middle East, and Southeast Asia, are expected to see growth rates of 15%-20% [10]. Additional Important Insights Export Chain - The engineering machinery sector has a high overseas revenue contribution, with companies like Juxing Technology and Ousheng Electric benefiting from North American interest rate cuts [2][11]. - The export chain is sensitive to changes in demand, with companies showing confidence in future performance through stock buybacks [11]. Performance Expectations - Companies are expected to see significant growth in Q4 2026, following the resolution of one-time expenses and production ramp-up [12]. - The compound annual growth rate for certain companies is projected to exceed 30% in the coming years [12]. Other Notable Companies and Industries - Companies like Chunfeng Power and Taotao Vehicle are highlighted for their resilience in the motorcycle and two-wheeler sectors [13]. - The tool and gas industries are recommended for their quick turnover and responsiveness to demand changes, with companies like Hangyang and Huari Precision being notable mentions [14][15]. Machine Tool Sector - The machine tool sector is expected to see gradual improvement in orders and performance, with companies like Neway CNC and Haitian Precision being key focuses [16]. Industrial Control Sector - Recommended companies in the industrial control sector include Huichuan Technology and Xinjie Electric, which are expected to experience order growth [17].

人民财讯1月8日电，1月7日下午，山东省委书记林武在山东大厦会见了三一集团党委书记、轮值董事长 向文波一行。林武、向文波分别介绍了山东省、三一集团发展情况，围绕加快新能源装备产业发展、加 强重大项目谋划、提高产业配套水平、推动绿色低碳转型等交换了意见，表示将在良好合作的基础上， 加快推进相关项目建设，深化产业链供应链合作，强化联合技术攻关，共同推动高端装备制造业提质升 级，谱写互利共赢新篇章。 ...

1月7日下午，省委书记林武在山东大厦会见了三一集团党委书记、轮值董事长向文波一行。林武、 向文波分别介绍了山东省、三一集团发展情况，围绕加快新能源装备产业发展、加强重大项目谋划、提 高产业配套水平、推动绿色低碳转型等交换了意见，表示将在良好合作的基础上，加快推进相关项目建 设，深化产业链供应链合作，强化联合技术攻关，共同推动高端装备制造业提质升级，谱写互利共赢新 篇章。省委常委、常务副省长张海波参加。（记者 于新悦 李子路） ...