免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——涨疯了！黄金、铂金、白银通通创历史新高，美元大贬值！专家：美联储 独立性遭干预引发危机；前美联储理事：大幅降息重启房地产市场 （记者 张明双） 每经AI快讯，华安证券12月28日发布研报称，给予一拖股份（601038.SH，最新价：14.15元）"买入"评 级。评级理由主要包括：1）YTO产品海外渗透深化，出海业务增长动能充足；2）高端农机新品落 地，关键技术取得重大进展。风险提示：1）国内行业需求不及预期；2）海外市场拓展不及预期；3） 应收账款回收风险，变成坏账准备；4）行业竞争加剧。 ...

Investment Rating - The report suggests a positive outlook for the high-end equipment manufacturing industry in China, emphasizing a "dual-driven" growth model characterized by strong domestic demand and robust international expansion [3][5]. Core Insights - The high-end equipment industry in China is experiencing a structural transformation, with a focus on technological advancements and brand development, leading to increased global market share [3]. - The report highlights two main investment themes: the technological self-reliance driven by AI and the deepening international expansion of Chinese equipment manufacturers [4][5]. - Key sectors to watch include gas turbines, industrial mother machines, controlled nuclear fusion, quantum computing, robotics, and 3D printing, which are expected to drive future growth [4][41]. Summary by Sections Domestic Manufacturing and Investment - Manufacturing investment in China is under short-term pressure, but high-end manufacturing and equipment sectors are emerging as growth engines, with a 1.9% year-on-year increase in manufacturing fixed asset investment [15][19]. - The report notes that high-tech manufacturing and equipment manufacturing sectors maintain high levels of activity despite overall investment slowdowns [15][22]. Export Performance - China's high-end equipment exports are performing well, driven by the global AI investment boom and recovery in demand from developed markets [28][31]. - In the first ten months of 2025, China's exports of electromechanical products reached 13.43 trillion yuan, marking an 8.7% year-on-year increase [28][31]. Technological Self-Reliance - The report emphasizes the importance of technological self-reliance, particularly in sectors like gas turbines and quantum computing, which are expected to see significant growth due to increasing global demand [4][48]. - The global gas turbine market is projected to grow significantly, with sales expected to rise from 44.1 GW in 2023 to an average of 60 GW from 2024 to 2026, reflecting a 36% increase [49][50]. International Expansion - Chinese equipment manufacturers are poised for further international growth, particularly in emerging markets, with sectors like engineering machinery and agricultural equipment expected to see substantial export growth [5][41]. - The report highlights the potential for Chinese companies in the oil and gas equipment sector, particularly in the Middle East, where demand is expected to rise significantly [5][13].

Core Viewpoint - The report by Zhiyan Consulting highlights a decline in the production of large tractors in China, indicating a potential downturn in the industry from 2025 onwards [1] Group 1: Industry Overview - In October 2025, the production of large tractors in China was recorded at 0.7 thousand units, representing a year-on-year decrease of 3.6% [1] - From January to October 2025, the cumulative production of large tractors reached 9.7 thousand units, showing a cumulative decline of 2% compared to the previous year [1] Group 2: Market Analysis - The report provides a comprehensive analysis of the market demand for the tractor industry in China from 2026 to 2032, suggesting a need for strategic investment planning [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing tailored consulting services [1]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for specific companies within the machinery sector, particularly in tractor exports and gas turbine orders [5][11]. Core Insights - The SW Machinery Equipment Index decreased by 1.56% in the last week, ranking 29th among 31 primary industry categories, while it has increased by 33.82% year-to-date, ranking 6th [13][16]. - The report highlights strong growth in tractor exports, particularly for medium and large tractors, with a year-on-year increase of 22.6% in November 2025, and anticipates continued growth in 2026 [5]. - Siemens Energy is establishing a gas turbine assembly base in Hainan, which is expected to enhance collaboration with domestic companies like Yingliu, particularly in turbine blade orders [5][24]. - The engineering machinery sector is experiencing an upward trend, with significant increases in sales and operating rates, indicating a positive outlook driven by infrastructure projects [5][33]. Summary by Sections Market Review - The SW Machinery Equipment Index fell by 1.56% over the last week but has risen by 33.82% since the beginning of 2025, outperforming the Shanghai Composite Index [13][16]. Key Data Tracking - General machinery remains under pressure, with a PMI of 49.2% in November, while engineering machinery shows accelerated growth with excavator sales up by 7.8% year-on-year [25][33]. - The railway equipment sector is stable, with fixed asset investments maintaining a growth rate of around 6% [38]. - The shipbuilding sector is experiencing a slowdown, with new ship price indices showing a decline [40]. Industry Dynamics - The gas turbine market is robust, with GEV reporting a 39% year-on-year increase in new orders for the first three quarters of 2025 [48]. - The oil service equipment sector is stabilizing, supported by high demand in the Middle East [43]. - Industrial gas demand is expected to rise as raw material prices decrease and downstream operating rates improve [46].

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年10月中国小型拖拉机产量为0.9万台，同比下降25%；2025年1-10月中 国小型拖拉机累计产量为10.2万台，累计下降14.3%。 2020-2025年1-10月中国小型拖拉机产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：一拖股份（601038） 相关报告：智研咨询发布的《2026-2032年中国拖拉机行业市场需求分析及投资战略咨询报告》 ...

证券日报网讯 12月16日晚间，一拖股份发布公告称，公司2025年第三次临时股东会审议通过《公司第 十届董事会董事薪酬方案》等多项议案。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月16日晚间，一拖股份发布公告称，公司于2025年12月16日召开职代会民主管理联席 会，选举李鹏先生为公司第十届董事会职工董事，任期三年，自2025年12月16日至2028年12月15日。 ...

证券代码：601038 证券简称：一拖股份 公告编号：临2025－46 第一拖拉机股份有限公司 关于选举职工董事的公告 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法律责任。 根据《中华人民共和国公司法》《第一拖拉机股份有限公司章程》等有关规定，第一拖拉机股份有限公 司（以下简称公司）于2025年12月16日召开职代会民主管理联席会，选举李鹏先生为公司第十届董事会 职工董事（简历详见附件），任期三年，自2025年12月16日至2028年12月15日。 李鹏先生符合《公司法》等有关法律法规及公司《章程》规定的董事任职条件，不存在《公司法》及其 他规定不得担任公司董事或被中国证监会处以证券市场禁入处罚的情形，亦未有被中国证监会确定为市 场禁入者且禁入尚未解除的现象，不存在被上海证券交易所公开认定不适合担任上市公司董事的情况。 特此公告。 第一拖拉机股份有限公司董事会 2025年12月17日 李鹏先生，1973年4月出生，工程硕士，高级工程师。李先生曾任公司第三装配厂副厂长、大拖装配厂 副厂长、大拖公司党委副书记、公司职工监事。现任公司职工 ...

第一拖拉机股份(00038)发布公告，本公司已于2025年12月16日举行职代会民主管理联席会，选举李鹏 先生(李先生)为第十届董事会职工董事，任期三年，自2025年12月16日起至2028年12月15日止。 董事会欣然宣布，以下八名董事的重选及委任已于临时股东会上获股东以普通决议案方式批准：执行董 事：赵维林先生、魏涛先生;非执行董事：方宪法先生、杨建辉先生、孙峰先生;独立非执行董事：王书 茂先生、徐立友先生、黄绮汶女士。 第九届董事会非执行董事苗雨先生(苗先生)于临时股东会结束时，因董事任期届满而卸任。 ...

董事会欣然宣布，以下八名董事的重选及委任已于临时股东会上获股东以普通决议案方式批准：执行董 事：赵维林先生、魏涛先生;非执行董事：方宪法先生、杨建辉先生、孙峰先生;独立非执行董事：王书 茂先生、徐立友先生、黄绮汶女士。 第九届董事会非执行董事苗雨先生(苗先生)于临时股东会结束时，因董事任期届满而卸任。 智通财经APP讯，第一拖拉机股份(00038)发布公告，本公司已于2025年12月16日举行职代会民主管理联 席会，选举李鹏先生(李先生)为第十届董事会职工董事，任期三年，自2025年12月16日起至2028年12月 15日止。 ...