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].

Investment Rating - The report maintains a "Recommended" rating for the engineering machinery industry [1] Core Insights - The overall export of China's engineering machinery remains robust, with a total trade value of USD 11.072 billion in January-February 2026, reflecting a year-on-year growth of 31.4%. Exports alone reached USD 10.686 billion, up 33.4% year-on-year, while imports decreased by 7.46% to USD 3.86 billion [6][15] - Excavators are the primary export product in the engineering machinery sector, with export value reaching CNY 12.98 billion in January-February 2026, marking a 29.7% increase year-on-year. The growth rates for exports to various regions include Latin America (+68%), Africa (+62%), Asia (+22%), Europe (+0.4%), North America (+24%), and Oceania (+29%) [9][16] Summary by Sections Overall Export Performance - In January 2026, the export value was USD 5.556 billion, a 17.5% increase year-on-year, while February saw exports of USD 5.13 billion, up 56.3% year-on-year [15] - The engineering machinery export value for January-February 2026 is USD 10.686 billion, with a significant year-on-year growth of 33.4% [6][15] Excavator Export Insights - Excavators accounted for the largest share of engineering machinery exports, with a total export value of CNY 12.98 billion in January-February 2026, reflecting a year-on-year increase of 29.7% [16] - The report highlights key export markets for excavators, including Brazil (1,372 units), Belgium (2,702 units), Indonesia (4,762 units), the United States (10,039 units), South Africa (498 units), and Australia (1,141 units [9][35] Regional Export Growth - The report details the year-on-year growth rates for excavator exports to different regions, with Latin America showing the highest growth at 68%, followed by Africa at 62% and Asia at 22% [9][35] - The overall export performance indicates a strong demand for engineering machinery, particularly excavators, across various international markets [6][9]

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Insights - In January-February 2026, excavator sales in China (including exports) reached 35,934 units, a year-on-year increase of 13.1%, while domestic sales were 15,478 units, down 9.2% due to the impact of the Spring Festival [3] - The report highlights a significant recovery in the demand for non-excavator machinery, with loader sales increasing by 11.5% and crawler crane sales rising by 30.3% year-on-year [3] - The government plans to allocate 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds to support infrastructure construction, which is expected to drive the recovery of the engineering machinery sector [4] - Excavator exports surged to 20,456 units, a 38.8% increase year-on-year, indicating strong international demand [5] - Electric loader sales saw a remarkable growth of 112.7%, with an electrification rate of 24.1%, reflecting a shift towards green and low-carbon technologies in the industry [6] - Forklift sales increased by 14.1%, with a notable rise in the demand for unmanned forklifts driven by advancements in robotics and artificial intelligence [7] - The mining machinery sector is experiencing sustained growth, with global market size projected to increase from 123 billion USD in 2025 to 160 billion USD by 2030, indicating significant opportunities for domestic manufacturers [9] - The commencement of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to further boost demand for engineering machinery [10] Summary by Sections Excavator Sales - In January-February 2026, excavator sales were 35,934 units, with domestic sales down 9.2% and exports up 38.8% [3][5] Loader and Crane Sales - Loader sales increased by 11.5%, and crawler crane sales rose by 30.3% year-on-year [3] Government Support - The government is set to invest 755 billion yuan in infrastructure, which will support the engineering machinery sector [4] Electric Machinery - Electric loader sales reached 5,132 units, a 112.7% increase, with an electrification rate of 24.1% [6] Forklift Market - Forklift sales grew by 14.1%, with a significant rise in unmanned forklift adoption [7] Mining Machinery - The global mining machinery market is expected to grow significantly, providing opportunities for domestic companies [9] Major Projects - The Yarlung Tsangpo River hydropower project is anticipated to drive demand for engineering machinery [10]

Core Viewpoint - In February 2026, the overall sales of new energy heavy trucks experienced a year-on-year decline for the first time since February 2023, with different segments showing varied performance, particularly hydrogen fuel cell and hybrid heavy trucks which did not see growth despite market trends [1][3]. Summary by Sections New Energy Heavy Truck Sales - In February 2026, a total of 7,435 new energy heavy trucks were sold in China, marking a 9% year-on-year decline. This decline interrupted a previous growth trend, with pure electric, fuel cell, and hybrid models selling 7,363, 2, and 70 units respectively, reflecting year-on-year decreases of 8%, 98%, and 19% [3][5]. Hydrogen Fuel Cell and Hybrid Heavy Trucks - Hydrogen fuel cell heavy trucks faced a "double decline," with a significant year-on-year drop, while hybrid heavy trucks also saw a negative growth rate after a period of 16 consecutive months of growth [8][12]. The market presence of these segments has been notably weak, with their combined market share being only 1.07% in the first two months of 2026 [5]. Hybrid Heavy Truck Market Performance - In February 2026, hybrid heavy trucks sold 70 units, down 19% year-on-year. The leading company, Rongcheng, accounted for 72.9% of the market share, selling 51 units, while other companies like Foton and Sany followed with 5 and 4 units sold respectively [10][11]. Cumulatively, hybrid heavy trucks sold 217 units in January and February, showing a year-on-year increase of 71%, although this growth rate significantly slowed compared to January [12][15]. Market Share Analysis - In the first two months of 2026, Rongcheng led the hybrid heavy truck market with a 75.1% share, followed by Foton at 6.9% and Sany at 4.6%. Other companies also saw improvements in their market shares compared to the previous year [15].

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） ...

Group 1 - The article highlights that Chinese assets are attracting significant attention from overseas investors, particularly in the context of increased global market volatility and geopolitical risks, due to their unique "cost-performance" advantage [1][12]. - Recent data shows that South Korean investors have net bought A-share securities, including major companies like Sany Heavy Industry, China Power Construction, and Ganfeng Lithium, with net purchases exceeding $1 million for each [1][3]. - The "HALO" assets, which are traditional industrial leaders, are favored by South Korean investors as they are seen as having low replacement risk and are essential for infrastructure in energy transition and high-end manufacturing [4][5]. Group 2 - South Korean investors have shown strong interest in China's "HALO" assets and emerging sectors like semiconductors, with significant net purchases recorded for companies such as Sany Heavy Industry (over $630,000), China Power Construction (over $440,000), and XJ Electric (over $1.3 million) [3][4]. - The semiconductor sector has also attracted attention, with net purchases for leading companies like JCET Group and Accelink Technologies exceeding $150,000 [6]. - The investment environment for South Korean investors has improved, with a stable RMB exchange rate enhancing the attractiveness of Chinese assets [7]. Group 3 - The article discusses the increasing use of ETFs by overseas investors to access quality A-share assets, with notable net purchases in semiconductor ETFs [9][10]. - The two leading ETFs focused on robotics, Tiger China Humanoid Robot ETF and Kodex China Humanoid Robot ETF, are gaining traction among South Korean investors, providing a diversified investment approach [9]. - ETFs lower the barriers for foreign investors by simplifying the investment process and reducing transaction costs, making it easier to invest in Chinese high-tech sectors [10]. Group 4 - The article emphasizes that despite some recovery in A-shares and Hong Kong stocks, the valuation of major indices remains low, while sectors like technology and manufacturing are expected to see strong profit growth by 2026 [12]. - The comprehensive advantages of China's AI and robotics sectors, supported by clear industrial policies, make them attractive for long-term investment [12]. - The article concludes that the Chinese capital market is becoming a preferred choice for global investors seeking quality assets, especially in the context of a weak dollar and low correlation with international geopolitical risks [12].

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].

Core Viewpoint - The SANY Jiangshan flat-top 4x2 electric cargo truck is launched with five core advantages, precisely meeting the needs of intercity express logistics, marking a new chapter in the electrification of intercity logistics [1] Group 1: Lightweight Design and Efficiency - The truck features a lightweight design with a chassis weight of only 7.36 tons, which is 450 kg lighter than competitors' 352 kWh models, significantly enhancing cargo efficiency and reducing operational costs [3] - It is equipped with a large cargo space of 70 m³, accommodating intercity express logistics needs without delays [3] Group 2: Long Range and Fast Charging - The vehicle achieves an impressive energy consumption of 0.7 kWh/km, enabling a long range of 400 km, ideal for short-distance intercity logistics [3] - It supports fast charging with an 800V high-voltage platform, allowing for a 20-80% state of charge in just 30 minutes, providing a range of 270 km, thus aligning with the fast-paced logistics requirements [4] Group 3: Safety Features - The truck is equipped with a self-developed domain control system for stable and secure information transmission, along with AEB (Automatic Emergency Braking), EBS (Electronic Braking System) + ESC (Electronic Stability Control), and an intelligent vehicle networking system, ensuring comprehensive safety during operation [4] - The combination of lightweight design, long range, fast charging, and high safety features positions the SANY Jiangshan flat-top 4x2 electric cargo truck as a solution for logistics operators to reduce costs and enhance efficiency in intercity express logistics [4]

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].