Group 1 - The core viewpoint of the news is that Hengli Hydraulic has shown significant trading activity and financial performance, with a notable increase in stock price and trading volume on February 3rd [1] - On February 3rd, Hengli Hydraulic's stock price increased by 6.72%, with a trading volume of 1.838 billion yuan. The financing buy-in amount was 58.254 million yuan, while the financing repayment was 124 million yuan, resulting in a net financing buy-in of -65.9143 million yuan [1] - As of February 3rd, the total balance of margin trading for Hengli Hydraulic was 624 million yuan, with a financing balance of 620 million yuan, accounting for 0.40% of the circulating market value, which is above the 70th percentile of the past year [1] Group 2 - As of September 30, the number of shareholders of Hengli Hydraulic was 36,900, a decrease of 15.76% from the previous period. The average circulating shares per person increased by 18.70% to 36,379 shares [2] - For the period from January to September 2025, Hengli Hydraulic achieved an operating income of 7.790 billion yuan, representing a year-on-year growth of 12.31%. The net profit attributable to the parent company was 2.087 billion yuan, with a year-on-year increase of 16.49% [2] - Hengli Hydraulic has distributed a total of 6.177 billion yuan in dividends since its A-share listing, with 3.111 billion yuan distributed in the last three years [3] Group 3 - As of September 30, 2025, among the top ten circulating shareholders of Hengli Hydraulic, Hong Kong Central Clearing Limited was the fourth largest shareholder, holding 118 million shares, an increase of 15.1936 million shares from the previous period [3] - Huatai-PineBridge CSI 300 ETF ranked as the sixth largest circulating shareholder with 9.1186 million shares, a decrease of 412,000 shares from the previous period. E Fund CSI 300 ETF and Huaxia CSI 300 ETF also saw reductions in their holdings [3]

Group 1 - The engineering machinery sector experienced a significant increase of 6.35% on February 3, with construction machinery leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the engineering machinery sector showed notable price increases, with Construction Machinery rising by 9.95% to a closing price of 4.53 [1] Group 2 - The main capital inflow in the engineering machinery sector was 1.283 billion yuan, while retail investors saw a net outflow of 817 million yuan [2] - Major stocks such as Sany Heavy Industry and Zoomlion received significant net inflows from institutional investors, with Sany Heavy Industry attracting 675 million yuan [3] - The overall trading volume for the engineering machinery sector was substantial, with individual stocks like Zoomlion and Sany Heavy Industry contributing significantly to the total turnover [1][2]

Core Viewpoint - The A-share market saw a significant rally in the engineering machinery sector on February 3, with multiple stocks experiencing substantial gains, indicating a positive trend in this industry [1]. Group 1: Stock Performance - Jiangshun Technology (江顺科技) reached the daily limit with a 10% increase, bringing its total market value to 66.33 billion [2]. - Construction Machinery (建设机械) and Sikan Technology (思看科技) both rose by over 8%, with Sikan Technology's market value at 137 billion [2]. - Huadian Technology (华电科工) increased by over 7%, with a market value of 134 billion [2]. - Anhui Heli (安徽合力) and Zoomlion Heavy Industry (中联重科) both saw gains exceeding 6%, with market values of 198 billion and 797 billion respectively [2]. - Sany Heavy Industry (三一重工) rose by 6.03%, with a market value of 2085 billion [2]. - Other notable performers included Shantui (山推股份) and Hengli Hydraulic (恒立液压), both increasing by over 5% [2]. Group 2: Year-to-Date Performance - Jiangshun Technology has a year-to-date increase of 42.17% [2]. - Sikan Technology shows a remarkable year-to-date increase of 65.88% [2]. - Huadian Technology has a year-to-date increase of 46.56% [2]. - Anhui Heli's year-to-date increase stands at 6.41% [2]. - Zoomlion Heavy Industry has a year-to-date increase of 9.40% [2]. - Sany Heavy Industry's year-to-date increase is 7.29% [2].

Core Viewpoint - The A-share market saw a collective surge in engineering machinery stocks, with several companies experiencing significant price increases, indicating a positive trend in the sector [1]. Group 1: Stock Performance - Jiangshun Technology reached the daily limit with a 10% increase, marking a year-to-date rise of 42.17% [2]. - Construction Machinery and Sika Technology both rose by over 8%, with Sika Technology showing a year-to-date increase of 65.88% [2]. - Huadian Engineering increased by over 7%, with a year-to-date rise of 46.56% [2]. - Anhui Heli and Zoomlion both saw increases of over 6%, with Anhui Heli's year-to-date rise at 6.41% and Zoomlion at 9.40% [2]. - Sany Heavy Industry rose by 6.03%, with a year-to-date increase of 7.29% [2]. - Other notable performers included Shantui, Hengli Hydraulic, and Fushite, all rising over 5% [1][2]. Group 2: Market Capitalization - Jiangshun Technology has a total market capitalization of 66.33 billion [2]. - Construction Machinery's market cap stands at 56.44 billion [2]. - Sika Technology has a market cap of 137 billion [2]. - Huadian Engineering's market cap is 134 billion [2]. - Anhui Heli has a market cap of 198 billion, while Zoomlion's is 797 billion [2]. - Sany Heavy Industry has a market cap of 208.5 billion [2]. - Shantui's market cap is 186 billion, and Hengli Hydraulic's is 152.7 billion [2]. - Fushite has a market cap of 47.63 billion, while Tietuo Machinery's is 2.618 billion [2]. - Xugong Machinery has a market cap of 130.5 billion [2].

Group 1 - The core point of the news is that Hengli Hydraulic experienced a stock price increase of 5.17%, reaching 113.02 CNY per share, with a trading volume of 826 million CNY and a turnover rate of 0.56%, resulting in a total market capitalization of 151.54 billion CNY [1] - Hengli Hydraulic, established on June 2, 2005, and listed on October 28, 2011, is primarily engaged in the research, production, and sales of high-pressure hydraulic cylinders. The revenue composition is as follows: hydraulic cylinders 50.70%, hydraulic pumps and valves 38.16%, parts and castings 7.28%, hydraulic systems 3.16%, and others 0.69% [1] Group 2 - From the perspective of major circulating shareholders, Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) reduced its holdings by 412,000 shares in the third quarter, now holding 9.1186 million shares, which is 0.68% of the circulating shares. The estimated floating profit today is approximately 50.70 million CNY [2] - The Huatai-PB CSI 300 ETF (510300) was established on May 4, 2012, with a current scale of 422.26 billion CNY. It has experienced a loss of 0.43% this year, ranking 4554 out of 5562 in its category, while achieving a return of 23.77% over the past year, ranking 2804 out of 4285 [2] Group 3 - The fund manager of Huatai-PB CSI 300 ETF (510300) is Liu Jun, who has a cumulative tenure of 16 years and 249 days. The total asset scale under his management is 550.93 billion CNY, with the best fund return during his tenure being 225.42% and the worst being -45.64% [3] Group 4 - Huatai-PB Fund's Huatai-PB Quality Selected Mixed A (009990) holds 135,700 shares of Hengli Hydraulic, accounting for 1.92% of the fund's net value, making it the ninth-largest holding. The estimated floating profit today is about 754,500 CNY [4] - The Huatai-PB Quality Selected Mixed A (009990) was established on August 28, 2020, with a current scale of 62.3 million CNY. It has achieved a return of 7.88% this year, ranking 1062 out of 8874, and a return of 27.68% over the past year, ranking 3978 out of 8124 [4] Group 5 - The fund manager of Huatai-PB Quality Selected Mixed A (009990) is Shen Xuefeng, who has a cumulative tenure of 19 years and 233 days. The total asset scale under his management is 2.201 billion CNY, with the best fund return during his tenure being 157.14% and the worst being -19.55% [5]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [5][10]. Core Insights - Meta's projected capital expenditure for 2026 is expected to reach between $115 billion and $135 billion, nearly double that of the previous year, driven by AI-enhanced advertising business [17]. - Figure's Helix02 humanoid robot has achieved significant breakthroughs in large models and neural networks, enhancing its applicability in household scenarios [3][18]. - The commercial aerospace sector is experiencing intensified competition for orbital resources, with SpaceX applying to deploy a constellation of up to 1 million satellites, which may accelerate advancements in space traffic management technology [2]. Summary by Sections Key Events - Meta's capital expenditure forecast for 2026 is between $115 billion and $135 billion, significantly exceeding analyst expectations [17]. - Figure has launched the Helix02 humanoid robot, which integrates long-range fine manipulation and motion control through a novel three-layer architecture [18]. - SpaceX is seeking approval to deploy a satellite constellation of up to 1 million satellites, enhancing its computational capabilities for advanced AI [2]. Commercial Aerospace Insights - The limited capacity of near-Earth orbit satellites will intensify competition for orbital resources, leading to a "first-come, first-served" effect [2]. - Long-term investment opportunities in commercial aerospace are promising, particularly in the rocket segment, with a focus on key players like SpaceX and domestic companies such as Landspace and CASIC [2]. Humanoid Robotics Insights - The advancements in Figure's Helix02 are expected to unlock new applications in domestic environments as the versatility of humanoid robots increases [3]. - Investment opportunities in humanoid robotics should focus on companies with strong supply chains and market positioning, such as Hengli Hydraulic and Wison Group [3][8]. AI Infrastructure Insights - Meta's capital expenditure forecast indicates a robust outlook for AI infrastructure, particularly in gas turbine and liquid cooling sectors [4]. - Key investment areas include the gas turbine supply chain and high-value segments in liquid cooling systems [4][8]. Company Profit Forecasts - Several companies are rated "Outperform," including: - Green Harmony (688017.SH) with a projected EPS of 0.67 for 2025 and a PE ratio of 342 [10]. - Huichuan Technology (300124.SZ) with an EPS of 2.06 for 2025 and a PE ratio of 36 [10]. - Hengli Hydraulic (601100.SH) with an EPS of 1.87 for 2024 and a PE ratio of 58 [10].

Market Overview - The engineering machinery sector experienced a decline of 2.26% on February 2, with Zhigao Machinery leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Individual Stock Performance - Zhigao Machinery (code: 920101) saw a significant drop of 9.01%, closing at 42.33 with a trading volume of 31,200 shares and a transaction value of 136 million [2] - Other notable declines included Fushite (code: 301446) down 7.31% and Tietuo Machinery (code: 920706) down 7.08% [2] - Conversely, Construction Machinery (code: 600984) increased by 3.52%, closing at 4.12 with a transaction value of 275 million [1] Capital Flow Analysis - The engineering machinery sector experienced a net outflow of 261 million from institutional investors, while retail investors saw a net outflow of 68.44 million [2] - Notably, speculative funds had a net inflow of 329 million [2] Detailed Capital Flow for Selected Stocks - Zhongji United (code: 605305) had a net outflow of 33.05 million from institutional investors, while speculative funds saw a net inflow of 17.02 million [3] - Iron Construction Machinery (code: 688425) reported a net inflow of 12.55 million from institutional investors and 21.61 million from speculative funds [3] - Other stocks like Longling Hydraulic (code: 605389) and Tuoshan Heavy Industry (code: 001226) also showed varying net inflows and outflows across different investor categories [3]

Group 1 - The core viewpoint of the report is that the Chinese industrial sector is experiencing three key driving forces due to the ongoing anti-involution policies, including rising demand for mining equipment, maturity of humanoid robot supply chains, and consolidation in the express delivery industry [1] - The report anticipates that the equipment replacement cycle will continue, along with record investments in power grids and renewable energy, which will drive excavator sales growth by approximately 10% [1] - The first-tier suppliers' overseas factories are ready to commence mass production of humanoid robots in the second half of the year; additionally, strong performance and price increases in the lithium-related sector are expected to lead to a year-on-year recovery in automation demand of about 5% [1] Group 2 - The company prefers firms with stable core businesses or those in recovery that can benefit from emerging driving forces; top stock picks include Hengli Hydraulic (601100), Sany Heavy Industry (600031), Sany International (00631), and Jitu Express-W (01519) [1] - Among these, Hengli Hydraulic is rated as "highly confident to outperform the market," while the other stocks are rated as "outperform the market" [1]

该行偏好核心业务稳定或正在复苏，同时能受惠于新兴推动力的企业，首选股份为恒立液压 (601100.SH)、三一重工(600031.SH)、三一国际(00631)及极兔速递-W(01519)，当中恒立液压获"高度确 信跑赢大市"评级，其余股份获"跑赢大市"评级。 就核心业务而言，该行预期设备更换周期将持续，加上电网及可再生能源投资创新高，将推动挖掘机销 售增长约10%。一线供应商的海外工厂已准备就绪，将于下半年启动人形机械人量产;而受锂相关领域 强劲及价格上升带动，自动化需求预计同比复苏约5%。 智通财经APP获悉，里昂发布研报称，在反内卷政策持续推进等背景下，中国工业板块正出现三大关键 推动力，包括矿业设备需求上升、人形机械人供应链成熟，以及快递行业整合。 ...

Investment Rating - The investment rating for the mechanical equipment industry is "Standard" [1] Core Insights - The mechanical equipment industry has shown a dual-week performance of 0.00%, underperforming the CSI 300 index by 0.05 percentage points, ranking 16th among 31 industries [2] - The general equipment sector has the highest growth rate of 0.74% among the five sub-sectors, while the rail transit equipment II sector has the lowest decline of 1.15% [18] - The PE TTM for the mechanical equipment sector is 35.21 times, with the general equipment sector at 51.24 times, and the rail transit equipment II sector at 17.43 times [3] Market Review - As of January 29, 2026, the mechanical equipment sector has increased by 6.09% year-to-date, outperforming the CSI 300 index by 3.41 percentage points, ranking 15th among 31 industries [13] - The top three stocks in terms of dual-week growth are Tianzhong Precision Machinery, Deen Precision Engineering, and Fenglong Co., with growth rates of 73.80%, 66.72%, and 61.08% respectively [20] - The top three stocks in terms of year-to-date growth are Fenglong Co., Yujing Co., and Tianzhong Precision Machinery, with growth rates of 213.97%, 92.78%, and 80.82% respectively [20] Valuation Situation - The valuation for the mechanical equipment sector is 35.21 times, which is 18.76% higher than the one-year average of 29.65 times [25] - The general equipment sector's valuation is 51.24 times, which is 31.94% higher than its one-year average [25] - The rail transit equipment II sector's valuation is 17.43 times, which is slightly lower than its one-year average [25] Industry News - Tesla announced significant updates for the Optimus Gen3 robot, which is expected to launch in Q1 2026, potentially sparking a new technological revolution [4] - The domestic demand for construction machinery is expected to increase post-Spring Festival due to replacement and electrification upgrades [4] - The Beijing humanoid robot innovation center has officially launched, providing comprehensive testing services for humanoid robots [53] Company Announcements - Companies such as Huichuan Technology and Green's Harmonic are recommended for attention due to their strong market positions and growth potential [57][59] - Sany Heavy Industry and Hengli Hydraulic are highlighted for their expected performance improvements driven by infrastructure demand [57][59]