证券代码：603298 证券简称：杭叉集团 公告编号：2026-010 杭叉集团股份有限公司 关于公司高级管理人员增持股份的公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 增持股份情况 杭叉集团股份有限公司（以下简称"公司"）董事会秘书江韵女士基于对公 司未来发展的信心以及对公司长期投资价值的认可，于 2026 年 3 月 27 日通过上 海证券交易所交易系统以集中竞价的方式增持公司股份 10,000 股，约占公司总 股本的 0.0008%，累计增持金额 248,350 元（不含交易费用）。 本次增持不触及权益变动，不会导致股东身份发生变化。 上述增持主体不存在一致行动人。增持主体在本次公告前的十二个月内未披露过 增持计划。 二、增持股份情况 | | | | 增持股份种类 | 公司 A 股 | | | | --- | --- | --- | --- | | 增持股份实施期间 | 2026 年 3 | 月 | 27 日 | | 增持股份 | | | 通过上海证券交易所交易系统以集中竞价的方式增持 ...

Investment Rating - The report maintains a "Recommended" rating for the mechanical industry, focusing on opportunities in the helium and tungsten alloy supply chains due to supply contraction [1]. Core Insights - The report highlights the impact of ongoing conflicts in the Middle East on helium supply, leading to price increases in domestic markets. The average price of high-purity helium has risen by 8.15% month-on-month as of March 27, reaching 89.3 CNY per cubic meter [6]. - Tungsten prices are being reassessed due to tight supply and resilient demand in sectors like aerospace and military. The report suggests that rising tungsten prices may accelerate industry consolidation, benefiting larger firms with cost advantages [6]. - The report emphasizes the potential for a new recovery cycle in the equipment industry, driven by monetary and fiscal policies, and suggests focusing on companies involved in AI PCB equipment, AIDC devices, and industrial gases [6]. Summary by Sections Industry and Company Investment Views - Newray Co., Ltd. plans to acquire HuiLian Electronics to enter the PCB drill needle market, enhancing its product line and positioning in high-growth sectors driven by AI [19][20]. - The report discusses the acceleration of satellite network construction in China, highlighting the strategic importance of commercial space and rocket launch capabilities [23][24]. - Liugong, a leader in the engineering machinery sector, is undergoing reforms to enhance operational vitality and aims for 60 billion CNY in revenue by 2030, with a focus on internationalization and smart solutions [27][28]. Key Data Tracking - The mechanical industry has seen a significant decline of 12.8% in the past month, with various sub-sectors experiencing different levels of performance [10][11]. - The report tracks macroeconomic indicators, including manufacturing PMI and fixed asset investment growth, which are crucial for understanding industry trends [32][33].

Investment Rating - The report maintains a "Buy" rating for companies in the semiconductor equipment and robotics sectors, highlighting strong growth potential in these areas [1][4][35]. Core Insights - The semiconductor equipment sector is expected to benefit from accelerated platformization and technological upgrades, with major companies launching new products at the SEMICON exhibition [1]. - The demand for optical modules is surging due to AI developments, leading to a high demand for automation equipment in the assembly process [2][3]. - The robotics industry is experiencing significant growth, particularly with the upcoming IPO of Yuzhu Technology, which has shown impressive revenue growth and profitability [4]. Summary by Sections Semiconductor Equipment - Major companies like North China Innovation and Zhongwei Company are launching advanced equipment, enhancing their product offerings in etching and deposition technologies [1]. - The report emphasizes the importance of platform-based equipment manufacturers and low domestic production rate equipment suppliers as key investment targets [1][24]. Optical Communication Equipment - The report notes that AI-driven demand is pushing the optical module market towards higher specifications, with a shift from 400G to 800G and 1.6T products [2][3]. - Automation in the assembly of optical modules is becoming essential due to the increasing complexity and precision required in production [3]. Robotics Industry - Yuzhu Technology's IPO materials reveal significant revenue growth, with a notable increase in sales of humanoid and quadruped robots [4]. - The report suggests that the robotics sector is poised for recovery and growth, particularly with the anticipated release of Tesla's V3 robot [4]. Investment Recommendations - The report recommends a diversified portfolio including companies like North China Innovation, Zhongwei Company, and Yuzhu Technology, which are positioned to benefit from industry trends [1][4][35].

Investment Rating - The report maintains a "Buy" rating for the mechanical equipment industry, with a focus on AI and mechanical equipment investment opportunities [1]. Core Insights - The report emphasizes the potential of AI-driven mechanical equipment, particularly in the robotics sector, where companies like Yushu Technology are showing significant growth in revenue and profitability [1]. - The GTC conference highlighted the increasing demand for AI computing power, which is expected to drive growth in PCB and liquid cooling segments [2]. - The solar equipment sector is poised to benefit from Tesla's procurement of photovoltaic equipment and Blue Origin's satellite launch plans, indicating strong demand for leading equipment manufacturers [3]. Summary by Sections Recommended Companies - The report suggests a focus on companies such as Northern Huachuang, Sany Heavy Industry, and Zhongwei Company, among others, across various segments including robotics, AI devices, and solar equipment [1][2][3]. Industry Trends - The robotics industry is experiencing a significant rebound, with Yushu Technology's IPO materials indicating a revenue increase of 335.36% and a net profit increase of 674.29% for 2025 [1]. - The AI device sector is seeing advancements in architecture and cooling solutions, with Nvidia's LPU architecture expected to enhance performance and drive PCB demand [2]. - The solar equipment market is benefiting from increased demand driven by major companies like Tesla and innovative projects like Blue Origin's satellite constellation [3]. Market Dynamics - The oil service equipment sector is facing short-term adjustments due to geopolitical tensions, but long-term demand is expected to rise as oil prices remain high and reconstruction efforts in conflict areas increase [7]. - The mechanical equipment industry is projected to see significant growth opportunities due to China's increasing foreign investments and the global demand for advanced machinery [37].

Investment Rating - The report maintains a "Buy" rating for the engineering machinery industry [1] Core Insights - In January-February 2026, excavator sales in China (including exports) reached 35,934 units, a year-on-year increase of 13.1%, while domestic sales were 15,478 units, down 9.2% due to the impact of the Spring Festival [3] - The report highlights a significant recovery in the demand for non-excavator machinery, with loader sales increasing by 11.5% and crawler crane sales rising by 30.3% year-on-year [3] - The government plans to allocate 755 billion yuan for central budget investments and 800 billion yuan for long-term special bonds to support infrastructure construction, which is expected to drive the recovery of the engineering machinery sector [4] - Excavator exports surged to 20,456 units, a 38.8% increase year-on-year, indicating strong international demand [5] - Electric loader sales saw a remarkable growth of 112.7%, with an electrification rate of 24.1%, reflecting a shift towards green and low-carbon technologies in the industry [6] - Forklift sales increased by 14.1%, with a notable rise in the demand for unmanned forklifts driven by advancements in robotics and artificial intelligence [7] - The mining machinery sector is experiencing sustained growth, with global market size projected to increase from 123 billion USD in 2025 to 160 billion USD by 2030, indicating significant opportunities for domestic manufacturers [9] - The commencement of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to further boost demand for engineering machinery [10] Summary by Sections Excavator Sales - In January-February 2026, excavator sales were 35,934 units, with domestic sales down 9.2% and exports up 38.8% [3][5] Loader and Crane Sales - Loader sales increased by 11.5%, and crawler crane sales rose by 30.3% year-on-year [3] Government Support - The government is set to invest 755 billion yuan in infrastructure, which will support the engineering machinery sector [4] Electric Machinery - Electric loader sales reached 5,132 units, a 112.7% increase, with an electrification rate of 24.1% [6] Forklift Market - Forklift sales grew by 14.1%, with a significant rise in unmanned forklift adoption [7] Mining Machinery - The global mining machinery market is expected to grow significantly, providing opportunities for domestic companies [9] Major Projects - The Yarlung Tsangpo River hydropower project is anticipated to drive demand for engineering machinery [10]

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating a projected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [11]. Core Insights - In 2026, NVIDIA's advancements in embodied intelligence have transitioned from technical exploration to engineering implementation and ecosystem development, focusing on software models, simulation infrastructure, hardware deployment, and collaborative ecosystems [2][4]. - The humanoid robot industry is entering the "engineering implementation" phase, with significant investment opportunities identified in both beta (software and embodied models) and alpha (hardware) categories [4]. Summary by Relevant Sections Investment Recommendations - The report suggests focusing on: 1. Beta opportunities in embodied models and software, recommending companies such as Hangcha Group, UBTECH, and Woan Robotics. 2. Alpha opportunities in hardware, including: - Force/Torque sensors: Anpeilong - Encoders: Yapu Co., Ltd., Shuo Beid - Visual sensors: Aoptical, Orbbec - IMU: Joyson Electronics, Huayi Technology - Power devices: Innodisk - MCU and hollow cup: Fengcai Technology - Dexterous hands: Zhaowei Electric - Linear joints: Hengli Hydraulic, Zhejiang Rongtai, Zhenyu Technology - Rotary joints: Lide Harmonic, Shuanghuan Transmission, Minshi Group, Keda Li [4][5]. NVIDIA's Ecosystem Development - NVIDIA is building a "CUDA ecosystem" for robotics, utilizing Cosmos (data generation), Isaac (simulation training), and GROOT (robotic foundational models) to attract developers and accelerate commercialization [4]. - The GROOT N1.7 model has been released, enhancing robotic operational capabilities and introducing reasoning modules, with the upcoming GROOT N2 aimed at achieving world-model-level physical understanding [4]. Robotics Training and Infrastructure - The report highlights the release of Isaac Lab 3.0, which features a new Newton physics engine and enhanced support for complex dexterous operation scenarios [4]. - The DGX™-AI training server platform integrates multiple high-end GPUs and is optimized for AI training, capable of forming GPU clusters to enhance training scale [4].

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [35] Core Insights - The report highlights significant advancements in the robotics sector, including the launch of Optimus V3 and the capabilities of Helix 02, which enhance robotic functionalities [2][4] - Domestic companies like Estun and Yushutech are making strides, with Estun initiating a Hong Kong IPO and Yushutech projected to lead global humanoid robot shipments by 2025 [4][18] - The report emphasizes the importance of focusing on both complete robot manufacturers and core component suppliers, indicating a robust investment landscape [31][35] Industry News and Company Developments - Estun Automation has started the process for a Hong Kong IPO to accelerate its international expansion, aiming to enhance its global sales network [15] - Yushutech is expected to dominate the humanoid robot market in 2025, with a projected shipment of 5,500 units, capturing 32.4% market share [19] - The report notes the successful development of a liquid metal universal gripper by a team from Suzhou University, achieving record-breaking performance in precision control [21][22] - JD.com showcased over 60 new robotic products at AWE 2026, launching an industry acceleration plan in collaboration with top robotics brands [22] Investment Recommendations - The report recommends focusing on complete robot manufacturers and core component suppliers, including: 1. Complete Robots: Recommended companies include UBTECH and Hangcha Group, with related companies like Woan Robotics and Jizhijia [35] 2. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related companies like Weichuang Electric and Buke Co. [35] 3. Gear Reducers: Related companies include Harmonic Drive and Keda Li [35] 4. Lead Screws: Recommended company is Hengli Hydraulic, with related companies like Zhejiang Rongtai and Best [35] 5. Sensors: Recommended companies include Amperelong and Hanwei Technology [35] 6. Encoders: Related companies include Fengcai Technology and Yapu Co. [35] 7. Joints: Recommended company is Changying Precision [35] 8. Structural Components: Recommended company is Ningbo Huaxiang [35] 9. Equipment: Recommended companies include Jinsang Machine Tool China and Bozhong Precision [35]

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [1]. Core Insights - The machinery equipment industry is experiencing sustained growth, with February exports exceeding expectations. The main drivers are the "replacement cycle and external demand" [1][6]. - Domestic sales of excavators slightly decreased in January-February 2026, while exports continued to grow significantly. The overall upward trend for the year remains unchanged despite short-term fluctuations due to the Spring Festival [6]. Summary by Sections Market Review - In February 2026, the Shenwan Machinery Index rose approximately 7.35%, outperforming the Shanghai Composite Index by 6.26 percentage points and the CSI 300 by 7.26 percentage points [13]. - The performance of different segments includes: - Complete machine manufacturing for earthmoving/concrete/lifting machinery: -1.7% - Complete machine manufacturing for others: 2.5% - Components: 20.7% [13]. Industry Tracking - Excavator sales in January-February 2026 totaled 35,934 units, a year-on-year increase of 13.10%. Domestic sales were 15,478 units, down 9.19%, while exports reached 20,456 units, up 38.8% [18]. - Loader sales for the same period were 21,299 units, a year-on-year increase of 27.9%. Domestic sales were 9,156 units, up 11.5%, and exports were 12,143 units, up 43.9% [18]. Macro Dynamics - In February 2026, the manufacturing PMI fell to 49.0%, indicating a seasonal decline. However, high-tech manufacturing PMI remains in the expansion zone at 51.5% [48]. - The government has clarified its fiscal strategy, planning to issue 4.4 trillion yuan in special bonds and 800 billion yuan in ultra-long-term special bonds to support large-scale equipment updates [48]. Key Targets - Recommended leading manufacturers include: - Zoomlion Heavy Industry (000157) - Sany Heavy Industry (600031) - XCMG (000425) - LiuGong (000528) [6]. - Core component manufacturers to focus on: - Hengli Hydraulic (601100) - Aidi Precision (603638) - Fushite (301446) [6].

Investment Rating - The report assigns an "Overweight" rating for the robotics industry [4]. Core Insights - The focus of the Two Sessions on humanoid robots and the acceleration of their application by companies like BMW and Samsung indicates a significant technological breakthrough and investment momentum in the industry [2][3]. - The humanoid robot sector is experiencing a surge in financing and technological advancements, with domestic companies making notable progress [2][3]. Summary by Sections Industry News and Company Developments - BMW has introduced humanoid robots in its Leipzig factory for real industrial applications, marking the first deployment in Europe for the company [6]. - Samsung plans to transform all its factories into AI-driven facilities by 2030, integrating humanoid robots into various operational processes [7]. - The Chinese government is emphasizing the importance of humanoid robots in its technology innovation strategy, with notable entrepreneurs advocating for accelerated development in this field [7][9]. Investment Dynamics - The humanoid robot sector is witnessing increased investment activity, with companies like UniX AI and Galaxy General Robotics securing significant funding rounds [11]. - Notable financing includes UniX AI's completion of nearly 300 million yuan and Galaxy General Robotics' 2.5 billion yuan funding, positioning them as leaders in the domestic humanoid robotics market [11]. Investment Recommendations - The report suggests focusing on both complete robot manufacturers and core component suppliers, highlighting specific companies for investment: 1. Actuators and Motors: Recommended companies include Zhaowei Electromechanical and Mingzhi Electric, with related firms like Weichuang Electric and Boke Co [15]. 2. Gear Reducers: Key players include Lide Harmony and Keda Li, among others [15]. 3. Sensors: Recommended companies include Amperelong and Hanwei Technology [15]. - The report notes that the robotics sector accounted for approximately 4.5% of total A-share trading volume, indicating a slight decrease in activity [13].