Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Yaxia Hydropower Project, with an expected investment of over RMB 2 trillion, will significantly boost the demand for high - end and large - scale construction machinery, serving as a key investment catalyst for the construction machinery industry [1][5][7] - The 14th Five - Year Plan sets the tone for the industry, promoting original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be gradually released, benefiting cyclical sectors such as construction machinery [1][12] - China's construction machinery export data has been growing rapidly. The Chinese market is at a cyclical inflection point, and exports are expected to rise from $234 billion in 2024 to $570 billion in 2030. Domestic companies' overseas revenue has increased significantly [1][17][22] - The CSI Construction Machinery Theme Index allows for one - click allocation of core construction machinery assets. It has high long - term returns, high volatility, and significant event - driven characteristics. The performance of its constituent stocks is expected to continue to improve [1][34][56] - The Huaxia CSI Construction Machinery ETF closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error [1][68] Summary by Directory 1. The 14th Five - Year Plan Sets the Tone for the Industry, and Domestic Brands Accelerate Overseas Expansion 1.1 The Yaxia Hydropower Project Starts, and Trillion - Dollar Investment Creates a Century - Long Project - The Yaxia Hydropower Project officially started in 2025. Its construction plan can be traced back to 2007, and it entered the implementation phase in 2024 [5] - Compared with the Three Gorges Project, the Yaxia Hydropower Project may have a dynamic investment of over RMB 2 trillion, and most of the investment will be used for power station construction and power transmission projects [7][9] 1.2 The 14th Five - Year Plan Sets the Tone for the Industry, and the Domestic and Overseas Sales of Excavators Continue to Improve Synchronously - The 14th Five - Year Plan emphasizes original innovation and the development of strategic emerging industries. The equipment replacement demand in the machinery industry is expected to be released, benefiting cyclical sectors [12] - In November 2025, the sales of various excavators reached 20,027 units, a year - on - year increase of 13.90%. Domestic sales increased by 9.11% year - on - year, and exports increased by 18.84% year - on - year, indicating the recovery of the industry [13] 1.3 The Global Construction Machinery Market is Vast, and China's Export Data Shows High Growth - The global construction machinery market is expected to grow from $213.5 billion in 2024 to $296.1 billion in 2030. The Chinese market is at a cyclical inflection point, expected to rise from $234 billion in 2024 to $570 billion in 2030 [17] - The global excavator market is expected to reach $92.8 billion in 2030. In China, excavators will lead the industry recovery with a growth rate of 16.8% [17] - Overseas markets account for nearly 90% of the global construction machinery market. China's construction machinery export volume has increased from $18.894 billion in 2020 to $52.829 billion in 2024, with a CAGR of 29.33% [22] 1.4 The Construction Machinery Cycle Reaches the Bottom and Rebounds, and Domestic Brands Accelerate Overseas Expansion - The excavator industry has experienced two cycles and is now in a new upward cycle. In 2024, the annual sales volume increased by 3.1% year - on - year, and from January to November 2025, the growth rate expanded to 16.7% [24] - The overseas revenue of the four major domestic construction machinery manufacturers has increased significantly. In 2024, the overseas revenue ratios of Sany Heavy Industry and Zoomlion exceeded 50% [27] - International giants still dominate the global market. Chinese construction machinery manufacturers such as XCMG, Sany Heavy Industry, and Zoomlion still have room for improvement in global market share [29] 2. The CSI Construction Machinery Theme Index: One - Click Allocation of Core Construction Machinery Assets 2.1 Index Compilation: Selecting Core Leaders in the Construction Machinery Industry - The CSI Construction Machinery Theme Index was released on September 27, 2021, with a base date of June 30, 2016. It selects 50 representative listed companies in the construction machinery field as samples to reflect the overall performance of construction machinery - related stocks [34] - The index samples are adjusted semi - annually, on the next trading day after the second Friday of June and December each year [36] 2.2 Industry Market Value Characteristics: High Concentration in the Construction Machinery Sector, with Market Value Structure Dominated by Leading Companies - As of January 6, 2026, the index has 50 constituent stocks, with an average total market value of RMB 28.131 billion. Five stocks have a market value of over RMB 100 billion [37] - The top ten constituent stocks of the index account for 72.55% of the total weight. The top three stocks by weight are XCMG, Sany Heavy Industry, and Weichai Power [43] - The index focuses on the construction machinery, auto parts, and special equipment sectors, with a combined proportion of over 87%. The construction machinery industry has the highest weight, at 61.99% [46] 2.3 High Elasticity, Offensive Nature, and Long - Term Allocation Value - In the rising market, the CSI Construction Machinery Index has strong explosive power. For example, from January 31 to April 19, 2019, its cumulative return was 44.07%, significantly higher than that of broad - based indices [50] - Since the base date, the cumulative return of the index has reached 153.95%, and the annualized return is 10.60%, far exceeding that of major broad - based indices. It has high volatility and a large maximum drawdown, indicating its high - elasticity offensive characteristics [56] - The index shows a pattern of leading in the up - cycle and adjusting in the down - cycle. In 2019 and 2025, its annual returns were significantly higher than those of broad - based indices [62] 2.4 High - Level Operation Supported by Positive Expectations, Highlighting the Attention of Sector Allocation - As of January 5, 2026, the P/E ratio of the CSI Construction Machinery Index was 24.13, with a historical quantile of 79.59%, and the P/B ratio was 2.26, with a historical quantile of 94.49%. The valuation is at a relatively high level [65] - The market's positive expectations for the industry have been reflected in the valuation, highlighting the long - term certainty of sector allocation [65] 3. Huaxia CSI Construction Machinery ETF - The Huaxia CSI Construction Machinery ETF (fund code: 515970) closely tracks the CSI Construction Machinery Theme Index, aiming to minimize tracking deviation and error. It started raising funds on January 19, 2026, and ended on January 30, 2026, with Wang Xinwei as the fund manager [68]

（文章来源：证券时报网） 据Wind统计，截至1月20日，沪深两市共有142只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是锋龙股份，已连续15个交易日获净买入；连续获主力资金净买入天数较 多的还有安徽合力、*ST国化、康辰药业、九鼎投资、陕西煤业、伊利股份、微电生理、赣粤高速等 股。 ...

（文章来源：证券日报） 证券日报网讯 1月20日，安徽合力在互动平台回答投资者提问时表示，截至2025年前三季度，欧盟出口 业务收入占公司整体营收约7%。公司在欧洲设有合力欧洲中心（法国）、合力欧洲总部（德国）及合 力欧洲研发中心等销售、研发机构，欧洲地区销售主要通过公司销售机构与代理商相结合的方式进行。 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2026-005 安徽合力股份有限公司 关于使用暂时闲置募集资金进行现金管理的 进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 1 （二）投资金额 1、杭州银行单位大额存单多元服务 G01 期 3 年 30,000 万元（可转让）； 投资种类：大额存单、结构性存款等。 投资金额：杭州银行单位大额存单多元服务 G01 期 3 年 30,000 万元（可转 让）；杭州银行"添利宝"结构性存款产品 2,500 万元（79 天）；杭州银行"添 利宝"结构性存款产品 1,500 万元（111 天）；杭州银行"添利宝"结构性存款 产品 3,000 万元（173 天）；杭州银行"添利宝"结构性存款产品 1,500 万元（201 天）；杭州银行"添利宝"结构性存款产品 1,500 万元（236 天）。 已履行的审议程序：2026 年 1 月 16 日，安徽合力股份有限公司（以下简称 "公司"）第十一届董事会第二十二次会议审议通过了《关于使用暂时闲置募集 ...

Core Viewpoint - As of January 19, a total of 144 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Significant Net Buying - The stock with the longest consecutive net buying days is Fenglong Co., which has seen net buying for 14 consecutive trading days [1] - Other notable stocks with significant net buying days include Anhui Heli, Shanghai Airport, Yong'an Forestry, *ST Guohua, Neway Group, Kangchen Pharmaceutical, Shentong Metro, and Qibin Group [1]

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, with a focus on mining equipment, AI devices, and consumables [1]. Core Insights - The mechanical industry is expected to enter a new recovery cycle driven by monetary and fiscal policies, with significant capital expenditure anticipated in mining due to rising prices of non-ferrous metals [6][8]. - The AI sector is experiencing rapid growth, leading to increased demand for high-performance servers, GPUs, and advanced PCBs, which are critical for AI applications [6][20]. - The report highlights key companies in various segments, including industrial control, robotics, machine tools, and testing industries, suggesting a broad range of investment opportunities [6][8]. Summary by Sections Industry Overview - The mechanical industry comprises 636 listed companies with a total market capitalization of approximately 70,956.73 billion yuan and a circulating market value of about 58,998.75 billion yuan [3]. Company Profit Forecasts and Valuations - Several companies are highlighted with strong profit forecasts and investment ratings, including: - Huichuan Technology (300124.SZ): EPS forecasted at 2.11 yuan for 2025, with a strong buy rating [2]. - Falan Technology (603966.SH): EPS forecasted at 0.60 yuan for 2025, with a strong buy rating [2]. - Xinjie Electric (603416.SH): EPS forecasted at 1.83 yuan for 2025, with a strong buy rating [2]. - Other notable mentions include companies like Anhui Heli (600761.SH) and Sany Heavy Industry (600031.SH), both receiving strong buy ratings [2]. Market Performance - The mechanical sector has shown a positive performance with a 1.4% increase in the index, while the overall market performance varied across different indices [10][13]. - The 3C equipment segment experienced the highest growth at 14.4%, indicating strong demand in this area [11]. Investment Recommendations - The report suggests focusing on companies that are well-positioned to benefit from the AI wave, such as: - Dingtai High-Tech and Zhongtung High-Tech in the consumables sector [20][21]. - Dazhu CNC and Xinqi Micro-Assembly in the equipment sector [20]. - The report emphasizes the importance of high-end equipment and consumables in the PCB market, projecting significant growth in this area [20][21]. Key Data Tracking - The report includes macroeconomic indicators and industry-specific data, such as the manufacturing PMI and fixed asset investment growth rates, which are crucial for understanding the industry's health [32][36].

证券日报网讯 1月16日，安徽合力发布公告称，公司第十一届董事会第二十二次会议审议通过《关于公 司2026年度日常关联交易预计的预案》《关于使用暂时闲置募集资金进行现金管理的议案》。 （文章来源：证券日报） ...

（记者 张明双） 每经AI快讯，安徽合力1月16日晚间发布公告称，公司第十一届第二十二次董事会会议于2026年1月16 日以电子通信的方式召开。会议审议了《关于公司2026年度日常关联交易预计的预案》等文件。 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ ...

保荐机构核查意见 招商证券股份有限公司 关于安徽合力股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 招商证券股份有限公司（以下简称"招商证券"、"保荐机构"）作为安徽 合力股份有限公司（以下简称"安徽合力"、"公司"）2022 年公开发行可转 换公司债券的保荐机构，根据《上海证券交易所股票上市规则》《上市公司募集 资金监管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等相关法律、法规和规范性文件的规定，对安徽合力使用暂时闲置募集资金进行 现金管理的事项进行了核查，发表如下核查意见： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准安徽合力股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2887 号）核准，并经上海证券交易所同意， 公司向社会公开发行可转换公司债券 2,047.505 万张，每张面值为人民币 100 元， 募集资金总额为 2,047,505,000 元，扣除发行费用人民币 4,327,271.89 元（不含税） 后，实际募集资金净额为人民币 2,043,177,728.11 元。上述资金于 2022 年 12 月 19 日到达公司募集资金 ...

证券代码：600761 证券简称：安徽合力 公告编号：临 2026-004 安徽合力股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 投资种类：结构性存款、大额存单等安全性高及流动性好的保本型银行理财 产品。 投资金额：总额不超过人民币 43,000 万元（含）且在决议有效期内可滚动 使用。公司将根据募投项目年度投资计划，在确保募集资金投资项目正常进展和 募集资金安全的前提下进行现金管理。 决议有效期：自董事会审议通过之日起 12 个月内有效。 履行的审议程序：安徽合力股份有限公司（以下简称"公司"）于 2026 年 1 月 16 日召开第十一届董事会第二十二次会议，审议通过了《关于使用暂时闲 置募集资金进行现金管理的议案》。该事项无需提交股东会审议。 一、现金管理投资情况概述 （一）投资目的 经中国证券监督管理委员会《关于核准安徽合力股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2887 号）核准，并经上海证券交易所同 意，公司 ...