1月28日，三一重工盘中下跌2.01%，截至09:43，报22.37元/股，成交3.39亿元，换手率0.18%，总市值 2056.92亿元。 资金流向方面，主力资金净流出570.97万元，特大单买入4284.32万元，占比12.62%，卖出3536.75万 元，占比10.42%；大单买入6340.60万元，占比18.68%，卖出7659.14万元，占比22.56%。 三一重工今年以来股价涨5.87%，近5个交易日跌0.93%，近20日涨7.96%，近60日涨2.24%。 资料显示，三一重工股份有限公司位于北京市昌平区北清路8号,中国香港新界上水龙琛路39号华厦北18 楼1808-10室，成立日期1994年11月22日，上市日期2003年7月3日，公司主营业务涉及从事工程机械的 研发、制造、销售和服务。主营业务收入构成为：挖掘机械39.29%，起重机械17.52%，混凝土机械 16.71%，其他16.64%，路面机械4.85%，桩工机械3.01%，其他(补充)1.98%。 三一重工所属申万行业为：机械设备-工程机械-工程机械整机。所属概念板块包括：工程机械、挖掘 机、一带一路、社保重仓、工业4.0等。 截至9月 ...

Investment Highlights - 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 Precision, Zhejiang Rongtai, Shanghai Yanpu, and SANY Heavy Industry among others [2][3] Industry Performance - The report notes significant performance in various sectors, with the best-performing indices being the construction materials sector (+9.23%), oil and petrochemicals (+7.71%), and steel (+7.31%) for the week ending January 23, 2026 [5][23] - In the manufacturing sector, the top indices were the photovoltaic concept index (+9.33%), aerospace and military theme index (+7.65%), and new energy concept index (+7.44%) [5][24] Key Industry Trends - The report discusses the rapid rise of space photovoltaic technology and the integration of the nuclear fusion industry in the U.S., highlighting technological breakthroughs and increased international cooperation [4][6][9] - The EDA (Electronic Design Automation) industry is noted for its consolidation and the potential for domestic breakthroughs, driven by government support and strategic acquisitions [11][12][14] Company-Specific Insights - China Shipbuilding Industry Company is expected to benefit from asset integration within the group, improving competitive dynamics and operational efficiency [15][16] - The report forecasts significant profit growth for key companies, with expected net profits for 2025-2027 showing substantial increases, particularly for companies like China Shipbuilding [17][21] Investment Recommendations - The report suggests focusing on core positions and flexible targets within the EDA sector, as domestic companies are positioned for significant growth due to increased policy support and market demand [11][17] - Specific companies to watch include Huada Jiutian, Gelun Electronics, and Guangli Micro [17]

光环之下，绿控传动的隐忧同样突出。招股书显示，2022年至2025年上半年，绿控传动前五大客户收入 占比长期维持在60%左右，客户依赖度居高不下。除此之外，截至2025年6月末，绿控传动应收账款账 面价值高达8.33亿元，占公司总资产比例为27.13%。 对于公司业绩实现大幅增长的核心原因，绿控传动方面也在招股书中给出了原因："在'碳达峰、碳中 和'国家战略背景下，受传统燃油车排放标准提升、重点领域清洁运输目标与路权优先等政策驱动，叠 加技术升级带来的场景拓展与成本下降，新能源商用车经济性优势凸显，其市场规模的快速扩张有效带 动公司业绩增长，公司已具备良好的持续经营能力。" 绿控传动的崛起离不开三一集团、徐工集团等行业巨头的深度绑定。招股书显示，这两大巨头既是绿控 传动的重要客户，同时也是公司的股东，2024年合计贡献营收占比超40%。 中经记者 夏治斌 石英婧 上海报道 在新能源汽车的浪潮从乘用车席卷至商用车领域的当下，苏州绿控传动科技股份有限公司（简称"绿控 传动"）再度向资本市场发起冲刺。2022年12月，它首次叩响科创板大门，却在次年3月撤回。沉寂近两 年后，2025年12月，它卷土重来，这次的目标换 ...

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, indicating a positive outlook compared to the market [1]. Core Insights - The mechanical sector has shown strong performance, with a 9.68% increase in January, outperforming the CSI 300 index by 8.02 percentage points, ranking 8th among 30 major industries [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have experienced significant growth, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as leading companies in shipbuilding and mining metallurgy equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was robust, with a 9.68% increase, significantly outpacing the CSI 300 index [3][10]. - The sector's valuation is currently at a relatively high level, with the industry P/E ratio at 43.4 times, placing it in the 78.4th percentile of the past decade [15][19]. 2. Engineering Machinery - The engineering machinery sector is expected to see a recovery in 2026, driven by equipment replacement cycles and increasing domestic demand [20][41]. - Sales of excavators and loaders showed strong growth in December 2025, with excavator sales up 19.2% and loader sales up 30% year-on-year [20][28]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in December 2025 production [42]. - The humanoid robot industry is rapidly developing, with over 140 domestic companies and significant production expected in 2025 [42][45]. 4. Shipbuilding - The shipbuilding sector is stabilizing, with new ship price indices showing an upward trend and ongoing recovery in profitability for shipbuilding companies [50].

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry, relative to the Shanghai and Shenzhen 300 Index [1]. Core Insights - The mechanical sector has shown a strong performance, with a 9.68% increase in January, outperforming the Shanghai and Shenzhen 300 Index by 8.02 percentage points [3][10]. - Key sub-sectors such as photovoltaic equipment, 3C equipment, laser processing equipment, oil and gas equipment, and semiconductor equipment have seen significant gains, with increases of 44.52%, 36.32%, 21.48%, 20.92%, and 20.17% respectively [3][10]. - The report suggests focusing on traditional engineering machinery with stable earnings and high dividend yields, as well as on humanoid robots and AIDC supporting equipment [4]. Summary by Sections 1. Mechanical Sector Performance - The mechanical sector's performance in January 2026 was strong, with a 9.68% increase, ranking 8th among 30 major industries [3][10]. - The report highlights the recent upward trend in sub-sectors, particularly in photovoltaic and semiconductor equipment, which had previously been lagging [4][10]. 2. Engineering Machinery - The report indicates a positive outlook for the engineering machinery sector in 2026, driven by a recovery in demand and an ongoing equipment update cycle [20][41]. - Key statistics include a 19.2% year-on-year increase in excavator sales in December 2025, with total sales for the year reaching 235,257 units, a 17% increase [20][27]. - The report recommends focusing on leading companies in the engineering machinery sector, such as SANY Heavy Industry and XCMG [41]. 3. Robotics - The industrial robotics sector continues to recover, with a 14.7% year-on-year increase in production in December 2025, totaling 90,116 units [42][49]. - The humanoid robot industry is rapidly developing, with over 140 companies and more than 330 products launched in 2025, marking it as a year of mass production [42][44]. - The report emphasizes investment opportunities in leading companies and core component suppliers within the robotics sector [49]. 4. Shipbuilding - The shipbuilding sector shows signs of recovery, with new ship price indices stabilizing and ongoing profitability improvements for shipbuilding companies [50]. - In the first three quarters of 2025, China's shipbuilding output increased by 6.0%, maintaining a leading position globally [50].

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released the 403rd batch of new energy heavy truck models, showcasing a total of 73 new models from 18 companies, indicating a significant push towards electrification in the heavy truck sector in China [1][2][3]. Group 1: Overview of New Models - A total of 73 new energy heavy truck models were announced, with 61 being charging trucks, 8 battery swap trucks, 3 fuel cell trucks, and 1 plug-in hybrid truck [5][6]. - Dongfeng and FAW Jiefang each submitted 11 models, the highest among all manufacturers, followed by China National Heavy Duty Truck Group with 9 models [3][10]. - The majority of the submitted models are three-axle trucks, with 30 models, followed by 18 eight-axle trucks and 13 four-axle trucks [5][7]. Group 2: Key Manufacturers and Their Submissions - Dongfeng's submissions include 9 charging trucks, 1 battery swap truck, and 1 fuel cell truck, indicating a strong commitment to the new energy heavy truck market [10][15]. - FAW Jiefang also submitted 11 models, with a focus on charging trucks, including several dual-motor models with significant power outputs [15][18]. - China National Heavy Duty Truck Group's submissions consist of 9 charging trucks, with a notable emphasis on self-dumping trucks, showcasing a range of battery capacities and driving configurations [19][21]. Group 3: Trends in New Energy Heavy Trucks - Charging trucks dominate the submissions, accounting for over 80% of the total, reflecting the industry's focus on electric solutions [5][6]. - The trend towards larger battery capacities is evident, with several models featuring over 600 kWh, particularly in the tractor category, which is becoming a standard expectation [36][38]. - The introduction of dual-motor configurations is increasing, with multiple manufacturers submitting models that enhance power and efficiency, indicating a shift towards more advanced technology in heavy trucks [31][35]. Group 4: Specific Model Highlights - Dongfeng's notable models include a pure electric self-dumping truck with a range of 200 km and a charging truck with a battery capacity of 279.59 kWh [10][11]. - FAW Jiefang's models feature a self-dumping truck with a range of 740 km and a dual-motor tractor with a peak power of 816 hp [15][18]. - China National Heavy Duty Truck Group's self-dumping trucks can achieve a range of up to 955 km, showcasing advancements in battery technology and efficiency [19][21].

Core Viewpoint - In December 2025, China's new energy heavy truck sales reached a record high, totaling 231,100 units for the year, representing a year-on-year growth of 182% [1] Group 1: Overall Market Performance - In December 2025, domestic new energy heavy trucks sold 45,300 units, a year-on-year increase of 198%, with pure electric, fuel cell, and hybrid models selling 40,800 units, 4,202 units, and 284 units respectively [2] - The sales growth for fuel cell and hybrid heavy trucks significantly outpaced the overall market, with fuel cell trucks experiencing a year-on-year growth of 623% and hybrid trucks 209% [2][4] - The market for fuel cell and hybrid heavy trucks showed a notable increase in December, with fuel cell trucks accounting for 9.28% of the market share, while hybrid trucks remained low at 0.63% [5] Group 2: Fuel Cell Heavy Truck Performance - In December 2025, fuel cell heavy trucks sold 4,202 units, with a month-on-month growth of 610% and a year-on-year growth of 623%, marking a significant surge in both sales and growth rate [8] - Dongfeng led the sales with 1,592 units, capturing a market share of 37.9%, followed by Yutong and Sinotruk with 625 and 463 units respectively [10] - The competition for monthly sales champions in the fuel cell heavy truck market was intense, with Dongfeng securing the year-end sales champion after consistently leading since September [12] Group 3: Yearly Performance and Market Share - In 2025, the fuel cell heavy truck market saw a total sales volume of 7,282 units, a year-on-year increase of 64%, with significant growth from companies like Sinotruk and GAC, which saw increases of 3,294% and 16,650% respectively [14][17] - Dongfeng achieved the highest annual sales with 2,563 units, capturing a market share of 35.2%, an increase of 19.7 percentage points from 2024 [17] - The market dynamics showed a pattern of fluctuations throughout the year, with a total of five monthly champions emerging, indicating a highly competitive environment [17]

证券日报网讯 1月26日，三一重工在互动平台回答投资者提问时表示，根据2025年半年度报告，2025年 上半年公司欧洲区域收入61.52亿元，占海外收入263.02亿元的约23%，欧洲市场销售采用直销与经销商 模式并行。 （文章来源：证券日报） ...

证券日报网讯1月26日，三一重工（600031）在互动平台回答投资者提问时表示，根据公司2025年半年 度报告，工程机械行业延续复苏态势，国内需求在超长期国债发行、设备更新政策深化落地及新能源转 型加速的驱动下，挖掘机械、混凝土机械、起重机械等核心产品的国内销售全面实现增长。同时，海外 市场保持高景气度，尤其在矿产开发、能源基建领域需求旺盛，并且公司产品在国际市场上具有较强的 竞争力，海外销售持续保持增长。下一步规划方面，公司将继续利用其在产品、技术和服务方面的优 势，进一步拓展国际市场，特别是在矿产开发和能源基建等需求旺盛的领域。同时，公司也会密切关注 国际市场的变化，灵活调整战略以应对可能的市场波动。 ...

（编辑 丛可心） 证券日报网讯 1月26日，三一重工在互动平台回答投资者提问时表示，公司主要从事工程机械的研发、 制造、销售和服务，产品包括混凝土机械、挖掘机械、起重机械、桩工机械、路面机械等。公司将长期 专注于工程机械行业本身，数智化是公司的重要战略，公司紧随新时代发展机遇，将数智化建设融入制 造、产品、服务、运营等场景，积极推进数智化转型。关于脑接口、可回收火箭、AI半导体、类中联 机器人计划，公司并未涉及这些领域。公司的研发创新主要集中在工程机械领域，包括智能化产品的研 发和智能制造系统的建设。公司将继续专注于其核心竞争力的提升，并在工程机械行业内寻求技术进步 和产品创新。 ...