（来源：淘金ETF） 1. 先导智能（300450） 作为高端智能装备领域的重要企业，公司在精密制造与自动化方案上具备较强竞争力，业务覆盖新能源 装备与电子制造装备。公司为PCB行业提供高精度裁切、成型、检测等自动化生产设备，助力高多层 板、HDI板等高端产品提升生产效率与良率。随着AI服务器与数据中心建设加速，PCB行业对高端制程 装备需求持续提升，公司凭借在运动控制、精密集成方面的技术积累，不断优化适配通信板、汽车板的 装备方案。相关产品可满足头部PCB厂商扩产与技术改造需求，在电子制造装备国产化过程中保持稳定 迭代，与行业高端化、智能化发展方向高度契合，为PCB产业链提供可靠的制程装备支持，在高端制造 环节形成自身独特的行业价值。 2. 方正科技（600601） 公司背景具有国资属性，在电子信息领域拥有长期产业积淀。公司主营印制电路板的研发、生产与销 售，产品覆盖通信基站板、工业控制板、消费电子板等，广泛应用于网络设备、工业终端、智能家居等 场景。企业持续推进PCB产线工艺升级，重点提升高多层板与高频高速板占比，强化产品可靠性与信号 传输性能，以适配5G通信、工业互联网等领域的升级需求。在行业向集中化、 ...

2月25日，合锻智能（维权）跌0.12%，成交额5.04亿元。两融数据显示，当日合锻智能获融资买入额 2744.59万元，融资偿还2455.67万元，融资净买入288.92万元。截至2月25日，合锻智能融资融券余额合 计4.25亿元。 分红方面，合锻智能A股上市后累计派现1.57亿元。近三年，累计派现0.00元。 机构持仓方面，截止2025年9月30日，合锻智能十大流通股东中，永赢睿信混合A（019431）位居第三 大流通股东，持股930.45万股，为新进股东。永赢稳健增强债券A（014088）位居第四大流通股东，持 股573.27万股，为新进股东。银华数字经济股票发起式A（015641）位居第六大流通股东，持股328.09 万股，为新进股东。信澳周期动力混合A（010963）位居第八大流通股东，持股211.14万股，为新进股 东。华夏高端制造混合A（002345）、华夏领先股票（001042）退出十大流通股东之列。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@sta ...

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

Core Viewpoint - The engineering machinery sector is experiencing significant growth driven by strong domestic and export demand, with sales data for excavators in January 2026 showing a 49.5% year-on-year increase, indicating a clear improvement in the industry's fundamentals [2][3]. Group 1: Market Performance - As of February 12, the Shanghai Composite Index rose by 0.02%, the Shenzhen Component Index increased by 0.32%, and the ChiNext Index gained 0.48%, with sectors like power equipment and small metals leading the gains [2]. - The Engineering Machinery ETF (E Fund, 159138) saw a rise of 1.27%, with constituent stocks such as Linde Co. (605060.SH) and China National Heavy Duty Truck Group (000951.SZ) increasing by over 5% [2]. Group 2: Industry Demand and Growth Drivers - The demand for engineering machinery is supported by factors such as increased construction activity, a rebound in iron ore and non-ferrous metal mining, and rising forestry investments, alongside a low base from the previous year [3]. - The domestic market is expected to see a mild recovery, bolstered by ongoing equipment renewal policies and the implementation of new industrialization and infrastructure initiatives [3]. Group 3: Global Market Dynamics - The global supply chain for mineral resources is being reshaped by increasing geopolitical tensions, leading to a heightened demand for mining companies to enhance their capital expenditures [3]. - Chinese manufacturers are expected to gain a larger share of the global market due to their cost-effectiveness and customized service capabilities, particularly in the context of the Belt and Road Initiative [3]. Group 4: Future Outlook - The domestic engineering machinery market is projected to continue its mild recovery into 2026, with core product sales expected to remain positive [4]. - The overseas sales growth of engineering machinery is anticipated to remain robust, particularly in Africa and countries along the Belt and Road, although competition and trade barriers may intensify [4].

Core Insights - The company is expected to report a net loss of between 180 million to 260 million yuan for the year 2025, indicating an increase in losses compared to the previous year [1] Financial Performance - The company announced on January 24, 2026, that it anticipates a net profit loss attributable to shareholders of 180 million to 260 million yuan for 2025, with losses expected to widen year-on-year [1] Project Development - On January 23, 2026, the company won a bid for the "BEST Shielding Layer System Stainless Steel Shielding Block Procurement Project" related to fusion energy, with a contract value of approximately 36.81 million yuan. The project has entered the execution phase, and subsequent delivery progress will be closely monitored [1] Industry Policy Landscape - The "Atomic Energy Law," set to be implemented in 2026, explicitly encourages the development of thermal nuclear fusion, which may have a long-term impact on the company's involvement in fusion-related business [1]

Group 1 - The core viewpoint of the news is that Hefei Huaneng Intelligent Manufacturing Co., Ltd. (合锻智能) has seen a continuous increase in its stock price, rising 12.84% over the last three days, with a current price of 26.10 CNY per share and a market capitalization of 12.904 billion CNY [1] - The company specializes in the research, production, and sales of forging equipment and intelligent detection and sorting equipment, with its main revenue sources being color sorters (49.80%), hydraulic presses (30.93%), mechanical presses (14.87%), and other products [1] - As of the latest data, the trading volume for the stock was 8.87 billion CNY, with a turnover rate of 6.95% [1] Group 2 - From the perspective of fund holdings, Huian Fund has a significant position in Hefei Huaneng Intelligent, with its Huian Xintai Stable One-Year Holding Mixed A Fund holding 4,800 shares, representing 0.23% of the fund's net value [2] - The fund has generated a floating profit of approximately 528 CNY today and a total of 14,300 CNY during the three-day price increase [2] - The fund manager, Zhang Kun, has been in position for 5 years and 137 days, with the fund's total asset size at 17.792 billion CNY and a best return of 19.72% during his tenure [2]

Group 1 - AVIC Chengfei is a core subsidiary of China Aviation Industry Group, specializing in the research and development of military fighter jets and trainer aircraft, holding a leading position in the aviation equipment manufacturing sector [1] - The company has successfully provided key structural components for various domestic commercial rocket enterprises and has participated in multiple commercial space launch missions, gaining high industry recognition for its technical reliability and product stability [1] - With the accelerated development of commercial aerospace, the company is expected to benefit from the increasing demand for aerospace structural components and special materials, expanding its market share significantly [1] Group 2 - AVIC Xifei is a major manufacturer of military transport aircraft, bombers, and early warning aircraft, possessing top-tier technical strength in the aviation equipment manufacturing field [2] - The company has actively expanded its commercial aerospace business by providing core products such as structural components and lightweight parts for commercial rockets, meeting the industry's demand for high reliability [2] - As the frequency of commercial space launches continues to rise, the company aims to deepen its innovation in aerospace technology and solidify its position as a core supplier in the commercial aerospace structural component sector [2] Group 3 - Xiamen Xiangyu is a leading bulk commodity supply chain service provider, leveraging its unique location in the Xiamen Free Trade Zone to build a global logistics, trade, and financial service network [3] - The company has successfully provided fuel transportation and supply chain support services for multiple domestic commercial rocket launch missions, gaining wide recognition from industry clients [3] - With the acceleration of global commercial aerospace layout, the demand for cross-border transportation and supply chain services for aerospace materials is expected to grow significantly [3] Group 4 - Hisense Visual is a domestic leader in display technology, with a comprehensive industrial layout from panel manufacturing to terminal products, holding international leadership in high-resolution display and laser display technologies [4] - The company has provided customized display components for domestic commercial satellite projects, meeting stringent aerospace-grade requirements and gaining high recognition from aerospace enterprises [4] - As the construction of low-orbit satellite constellations accelerates, the demand for spaceborne optical equipment is expected to grow significantly, positioning the company to benefit from this trend [4] Group 5 - Far East Holdings is a leading enterprise in the cable and superconducting materials sector, with strong technical capabilities and a comprehensive industrial chain [5] - The company has successfully provided core cable products for multiple domestic commercial rocket launch missions, gaining wide recognition for its technical performance and product quality [5] - As commercial aerospace equipment evolves towards intelligence, lightweight, and high power, the demand for high-performance cables and superconducting materials is expected to continue to grow [5] Group 6 - AVIC Heavy Machinery is a core supplier in the aerospace forging sector, possessing advanced forging technology and a complete processing system [6] - The company has provided key forged products for various commercial rocket enterprises, participating in multiple key commercial aerospace launch projects [6] - With the increasing frequency of commercial rocket launches, the demand for high-end alloy forgings is expected to continue to rise, allowing the company to expand its production capacity in this area [6] Group 7 - Taiyuan Iron and Steel is a leading enterprise in the stainless steel industry, with global-leading production technology and a large capacity scale [7] - The company has provided core stainless steel materials for multiple domestic commercial aerospace projects, meeting aerospace-grade standards and gaining recognition from aerospace enterprises [7] - As the demand for high-end stainless steel and special alloy materials continues to grow, the company plans to deepen its research and development in aerospace-specific materials [7] Group 8 - Jiugang Hongxing is a leading enterprise in the steel industry in Northwest China, with a complete steel production industrial chain [8] - The company has provided customized steel products for several commercial aerospace projects, gaining industry recognition for its technical performance [8] - With the scale development of commercial aerospace equipment, the demand for high-strength steel is expected to continue to grow, prompting the company to optimize its production processes [8] Group 9 - Wind Power Equipment and Aerospace Supporting Equipment is a key enterprise in the field, with strong technical capabilities and a comprehensive production system [9] - The company has provided structural components for commercial rockets and precision processing parts for aerospace ground equipment, gaining industry recognition [9] - As the frequency of commercial rocket launches increases, the demand for precision structural components is expected to continue to grow [9] Group 10 - Yiyang Technology is a leading enterprise in the field of high-end castings and forgings, with a complete production system [10] - The company has provided engine castings for domestic commercial rocket enterprises, participating in the supply of satellite thrusters [10] - With the development of commercial rockets towards high thrust and reusability, the demand for high-temperature alloy castings is expected to continue to grow [10]

Group 1 - The company recently won a bid for the procurement project of the "BEST shielding layer system stainless steel shielding block" from Fusion New Energy [1] - Detailed information regarding this project will be disclosed in the company's announcement dated January 24, 2026, under the title "Daily Related Transactions Announcement" (Announcement No: 2026-009) [1]

Group 1 - The core viewpoint of the articles highlights the growth in China's metal forming machine tool production, with a projected output of 17,000 units in December 2025, reflecting a year-on-year increase of 6.3% [1] - Cumulative production for the entire year of 2025 is expected to reach 179,000 units, marking a total growth of 7.2% [1] - The report by Zhiyan Consulting provides insights into the investment prospects and market research for the smart machine tool industry in China from 2026 to 2032 [1] Group 2 - The data source for the production statistics is the National Bureau of Statistics, with additional analysis provided by Zhiyan Consulting [2] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [2]

Investment Rating - The report maintains a "Positive" outlook on the power equipment and new energy industry [6] Core Viewpoints - The "14th Five-Year Plan" period saw slower-than-expected carbon reduction, prompting high-energy-consuming industries to accelerate carbon reduction commercialization during the "15th Five-Year Plan" period, leading to a growth inflection point for green fuels [3][8] - The demand for energy storage is expected to grow significantly, with a forecasted 50% increase in energy storage installations by 2025, driven by the rapid growth of new energy [3][19] - The offshore wind power, perovskite, and space photovoltaic sectors are anticipated to exhibit high growth potential during the "15th Five-Year Plan" period [3][8] Summary by Sections 1. Wind and Solar Power Entering Maturity with High Growth in Sub-markets - The demand for new energy installations in China is expected to remain robust, with a target of 360 million kilowatts of wind and solar power capacity by 2035 [12] - The average annual installation space for wind and solar power is projected to exceed 400 GW from 2026 to 2035 [12][13] 2. Energy Storage and Nuclear Power with Stable Supply Attributes - By the end of 2025, China's energy storage installations are expected to reach 66.43 GW, with a year-on-year growth of 52% [19] - The construction speed of nuclear power is expected to accelerate, with a target of 70 million kilowatts of operational capacity by 2025 [21] 3. Carbon Reduction Goals and the Emergence of Green Fuels - The actual carbon reduction progress during the "14th Five-Year Plan" is expected to fall short of the target, necessitating increased efforts in the "15th Five-Year Plan" [26] - Policies are encouraging the integration of green electricity with hydrogen, ammonia, and zero-carbon parks [29] 4. New Photovoltaic Technologies and Nuclear Fusion - Perovskite technology is expected to achieve mass production during the "15th Five-Year Plan" period, with efficiency improvements anticipated [32] - The BEST project aims for completion by 2027, with significant investment expected in nuclear fusion technology [34]