证券之星消息，1月30日工程机械板块较上一交易日下跌0.78%，安徽合力领跌。当日上证指数报收于 4117.95，下跌0.96%。深证成指报收于14205.89，下跌0.66%。工程机械板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600761 | 安徽合力 | 21.82 | -6.19% | 53.51万 | 11.61亿 | | 301446 | 福事特 | 46.81 | -5.43% | 3.08万 | 1.45亿 | | 920839 | 万通液压 | 38.91 | -2.87% | 1.14万 | 4501.36万 | | 301079 | 邵阳液压 | 42.05 | -2.84% | 8.56万 | 3.61亿 | | 600984 | 建设机械 | 3.98 | -2.45% | 33.27万 | 1.34亿 | | 920245 | 威博液压 | 28.66 | -2.45% | 5676.71 | 1648.32万 | | 605305 | 中际 ...

机械设备行业 标配 （维持） 政策技术筑基，双轮驱动成长 叉车行业系列报告（二）之无人叉车 投资要点： 2026 年 1 月 30 日 分析师：谢少威 SAC 执业证书编号： S0340523010003 电话：0769-23320059 邮箱： xieshaowei@dgzq.com.cn 资料来源：iFind，东莞证券研究所 相关报告 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 证 券 研 究 报 告 ◼ 政策护航筑生态，技术迭代提效能。无人叉车融合叉车与AGV/AMR技术，可实 现无人化物料搬运及多生产环节对接，能覆盖高位仓库、库外收货区、产线 转运等场景作业，在重载、特殊搬运场景具备不可替代性。政策方面，国家 与地方形成自上而下支撑，将其纳入重点研发范畴并推动技术融合，地方聚 焦场景落地。技术方面，无人叉车作为AGV/AMR技术的垂直应用，随着主机厂 机械设备（申万）指数走势 商在自然导航技术上的突破，基于SLAM技术的自然导航方案已趋于成熟，落 地速度显著加快。其通 ...

Accessible version Greater China Industrials China humanoid robot & EV supply chain tour takeaways Auto/EV OEMs & supply chain: eyes on demand/costs The weak auto/EV sales trend is extendng into January, given EV purchase tax subsidy has been cut and trade-in subsidy has not been fully in place yet. In light of this, Chery plans new model launches after Lunar New Year in February. Impacts from recent BOM costs hike is another key question: Chery estimates c. RMB4.5-5k BOM costs increase for EV models, facto ...

Core Viewpoint - The engineering machinery industry is a critical pillar of equipment manufacturing, playing a significant role in national infrastructure construction and facing challenges related to energy consumption, carbon emissions control, and safety production. The industry is at a new starting point for green, intelligent, and international development, with ESG management capabilities becoming a core competitive advantage [1]. Industry Performance - Among 34 engineering machinery companies rated by Green Development Credit Rating Co., Ltd., XCMG and Anhui Heli lead with AAApi ratings, establishing themselves as benchmarks for ESG management. Other notable companies include LiuGong, Zhejiang Dingli, and SANY Heavy Industry with AA+pi ratings. However, 50% of the companies received BB-pi or lower ratings, indicating significant disparities in ESG management across the industry [3][4][5]. Key Issues Focus - The industry is focusing on the "dual carbon" goals, smart manufacturing, and responsible operations. Key environmental management areas include greenhouse gas emission control, clean energy application, and the development of new energy products. Companies are encouraged to establish carbon emission monitoring systems and optimize production processes to achieve low-carbon transitions [6]. Social Dimension - Safety production, employee rights protection, and product responsibility are core concerns. Companies need to establish comprehensive safety management systems, enhance employee welfare, and ensure product quality and customer service responsiveness [7]. Governance Dimension - Effective corporate governance, risk management, and ESG management framework construction are crucial. Companies should establish governance structures, strengthen internal controls, and integrate ESG principles into strategic planning and daily operations [7][11]. Industry Practice Benchmarks - Anhui Heli is actively reducing energy consumption through green factory initiatives and optimizing production processes. Zhejiang Dingli is enhancing its climate change management system and promoting energy-efficient transportation methods. LiuGong is improving product development processes and focusing on innovative technologies [9][10]. Future Directions - The engineering machinery industry should focus on three main areas: deepening green transformation, enhancing social responsibility, and optimizing governance systems. Companies need to establish carbon management frameworks, improve employee welfare, and enhance ESG reporting and compliance [13][14].

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301446 | 福事特 | 49.89 | 8.22% | 5.03万 | 2.49亿 | | 920101 | 志高机械 | 47.50 | 5.30% | 7.80万 | 3.67亿 | | 600761 | 安徽合力 | 23.60 | 2.97% | 47.11万 | 11.01亿 | | 600984 | 建设机械 | 3.92 | 2.08% | 1 29.87万 | 1.16亿 | | 000528 | 柳工 | 11.63 | 1.04% | 43.49万 | 5.06亿 | | 920942 | 恒立钻具 | 32.40 | 0.84% | 1.30万 | 4255.72万 | | 920599 | 同力股份 | 21.74 | 0.56% | 8.96万 | 1.91亿 | | 688425 | 铁建重工 | 5.40 | 0.37% | 27.87万 | 1.50亿 | | 920839 | 万通液压 | 40.95 | 0 ...

证券之星消息，1月26日工程机械板块较上一交易日下跌1.24%，邵阳液压领跌。当日上证指数报收于 4132.61，下跌0.09%。深证成指报收于14316.64，下跌0.85%。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出7.24亿元，游资资金净流入1.13亿元，散户资金净 流入6.11亿元。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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600031 | =一重工 | 1.84 Z | 8.03% | -1.43 Z | -6.23% | -4131.62万 | -1.80% | | 600761 安徽合力 | | 5999.86万 | 3.46% | -6544.67万 | -3.78% | 544.80万 | 0.31% | | 920599 同力股份 | | 748.72万 | 5.69% | 431.15万 | 3.28% | 68.05万 ...

转自：前瞻产业研究院 行业主要上市公司：安徽合力(600761);杭叉集团(603298);厦工股份(600815);诺力股份(603611);柳工 (000528)等 本文核心数据：无人叉车销量;无人叉车行业市场规模;无人叉车发展潜力 无人叉车优劣势明显 无人叉车是一种新型的搬运装备，和传统叉车不同，无人叉车装有自主导航装置，能够在无人操作的状 态下完成物料搬运等工作。无人叉车稳定性高、灵活度大，同时适用于高危环境，降低了人工成本。另 外，联通了数据系统的无人叉车能够对货物搬运工作进行实施监督，提升了工作效率。 但无人叉车相较于传统叉车价格更高，且无法在复杂环境内应用，维护保养成本也更高，因此无人叉车 的大规模应用仍需时日。 | 指标 | 具体分析 | | --- | --- | | 产品优点 | 高效、灵活、节省人力成本、可以实时监控 | | 产品缺点 | 价格高、适用范围有限、维护成本高 | 中国无人叉车布局企业较多 目前，布局无人叉车的企业数量较多，根据移动机器人产业联盟数据，无人叉车领域企业数量已经超过 100家，代表性企业包括杭叉集团、安徽合力、中力股份传统叉车企业，也包括未来机器人、海康机器 人 ...

Investment Rating - The report maintains a "Buy" rating for the machinery industry, indicating a positive outlook for investment returns over the next 6-12 months [1]. Core Insights - The domestic sales of excavators continued to grow in December 2025, with a significant recovery in non-excavator categories. The total excavator sales (including exports) reached 23,095 units, a year-on-year increase of 19.2%, with domestic sales at 10,331 units, up 10.9% [3][4]. - The report highlights a robust recovery in the demand for construction machinery driven by ongoing infrastructure investments and the replacement cycle of machinery, projecting a compound growth rate of around 30% for replacement demand in the coming years [4][5]. - The export of excavators also showed strong growth, with December 2025 exports reaching 12,764 units, a 26.9% increase year-on-year, and total export value for the year at $64.2 billion, up 27.2% [6][10]. Summary by Sections Domestic Sales Performance - In December 2025, excavator sales reached 23,095 units, with domestic sales at 10,331 units, reflecting a 19.2% and 10.9% year-on-year growth respectively. For the entire year, total excavator sales were 235,257 units, up 17.0%, and domestic sales were 118,518 units, up 17.9% [3][14]. - Non-excavator machinery categories also saw significant growth, with loader sales increasing by 30.0% and motor grader sales by 14.0% in December 2025 [14]. Export Performance - The report notes that excavator exports in December 2025 reached 12,764 units, marking a 26.9% increase year-on-year, with total annual exports at 116,739 units, up 16.1% [6][14]. - The total export value of construction machinery for December 2025 was $64.2 billion, a 27.2% increase, with the annual total at $601.7 billion, up 13.8% [6]. Future Demand Drivers - The report emphasizes that active fiscal policies are expected to stimulate infrastructure investment, ensuring sustained demand for construction machinery in the medium term [5]. - The commencement of the Yaxia Hydropower Project, with an estimated investment of approximately 1.2 trillion yuan, is projected to significantly boost machinery demand, with equipment needs potentially reaching 120 to 180 billion yuan [9][10]. Electric and Intelligent Machinery Trends - Electric loader sales surged by 218.7% in December 2025, with an electricization rate of 22.2%, indicating a strong trend towards electrification in the machinery sector [7]. - The report also highlights the growth potential in the forklift market, driven by advancements in robotics and artificial intelligence, with a projected 39.3% increase in sales of unmanned forklifts in 2025 [8]. Investment Recommendations - The report recommends several leading manufacturers, including SANY Heavy Industry, XCMG, and Zoomlion, as well as component suppliers like Hengli Hydraulic, indicating a favorable long-term outlook for these companies [10].

Investment Rating - The report maintains a "Market Perform" rating for the forklift industry, emphasizing the importance of lithium battery replacement and product export as key investment themes [1]. Core Insights - The forklift industry is experiencing a clear transition towards electrification, driven by increasing domestic demand and favorable policies. The focus is shifting towards safety regulations, emission controls, and digital supervision, which guide the industry's upgrade direction [4][11]. - The electrification of forklifts, particularly through lithium batteries, is identified as a primary growth driver. The advantages of electric forklifts include environmental friendliness, low noise, and low energy consumption, leading to increased penetration in high-demand sectors [4][38]. - The report highlights the competitive landscape, noting that domestic leaders are enhancing their core competitiveness through high-performance products and deepening international market presence. The industry is characterized by significant barriers to entry, including technology, brand, and distribution channels [4][29]. Summary by Sections 1. Domestic Demand and Market Overview - The forklift industry in China has seen rapid growth, with a projected 2024 sales volume of 1.45 million units, reflecting a year-on-year increase of 12.93% [18]. - The global forklift market is expected to reach 21.598 million units in 2024, with Asia accounting for 52.01% of sales [18][29]. - The competitive landscape is dominated by foreign companies, with the top three (CR3) holding approximately 53% market share in 2024 [29]. 2. Electrification and Lithium Battery Market - The report emphasizes that lithium batteries will lead the electrification transition, with electric forklifts expected to replace internal combustion models due to stricter environmental regulations [4][38]. - The market for electric forklifts is projected to grow significantly, with a compound annual growth rate (CAGR) of 4.16% from 2025 to 2030, reaching a market size of $71.85 billion [29]. 3. Investment Recommendations - The report suggests focusing on companies with lithium battery technology barriers and strong overseas channels, such as Hangcha Group, Anhui Heli, Zhongli Group, and Noli Group, which are expected to benefit from tightening environmental policies and the electrification wave [4][29].