Investment Rating - The report maintains an "Outperform" rating for the engineering machinery sector [1]. Core Insights - January 2026 saw strong sales growth in excavators and loaders, driven by a combination of replacement cycles and external demand. The outlook for 2026 is positive, supported by proactive fiscal policies, stabilization in the European construction sector, and sustained high demand in emerging markets. The report emphasizes the importance of focusing on domestic demand renewal and overseas expansion strategies [5][11]. - The engineering machinery index rose approximately 0.15% in January 2026, underperforming the Shanghai Composite Index by 3.61 percentage points [11]. - Excavator sales in January 2026 reached 18,708 units, a year-on-year increase of 49.5%, with domestic sales at 8,723 units (up 61.4%) and exports at 9,985 units (up 40.5%) [16]. - Loader sales for the same month totaled 11,759 units, reflecting a 48.5% year-on-year increase, with domestic sales of 5,293 units (up 42.8%) and exports of 6,466 units (up 53.4%) [16]. Summary by Sections Market Review - The engineering machinery index in January 2026 increased by about 0.15%, lagging behind major indices such as the Shanghai Composite and CSI 300 [11]. - The performance of different segments showed mixed results, with the average price-to-earnings (PE) ratios for complete machine manufacturing and components being 29 and 39, respectively [11]. Industry Tracking - The report highlights significant growth in excavator and loader sales, with excavators showing a 49.5% increase and loaders a 48.5% increase in January 2026 [16][18]. - The report notes that electric excavators and loaders are gaining traction, with electric loader sales reaching 2,990 units and a penetration rate of 25.43% [16]. Macro Dynamics - The manufacturing PMI for January 2026 was reported at 49.3%, indicating a slight contraction in manufacturing activity. However, production levels remain above the critical point, suggesting ongoing expansion in manufacturing [44]. - Infrastructure investment is supported by the issuance of special bonds amounting to approximately 367.7 billion yuan, a year-on-year increase of 79.5% [5]. Key Targets - Recommended key players in the sector include leading manufacturers such as Zoomlion (000157), Sany Heavy Industry (600031), and XCMG (000425), as well as core component suppliers like Hengli Hydraulic (601100) and Aidi Precision (603638) [5][54].

东海证券发布研报称，叉车下游应用广泛，周期性特征较弱，与制造业景气程度关联度较高。未来制造 业复苏和仓储物流量的增长，对国内叉车需求呈现积极作用。同时，国内企业正加速全球化布局，建立 海外本土产能与售后服务体系，全球市场渗透率逐步提升。另外，国内叉车龙头正积极布局智能物流与 物流机器人领域，将重塑物流行业竞争格局。建议关注：品牌认可度高，海外已深度布局，研发实力强 劲的国产叉车龙头企业。 安徽合力 智能物流谱写高质量发展新篇章。2025年安徽合力（600761）智能物流发展大会紧扣行业发展趋势，围 绕多层堆叠，重载存搬配、智能仓储集成产品、智能AGV产品与全场景解决方案、冷链物流园整体解 决方案等多个前沿领域。安徽合力集中呈现了基于AI物流机器人产品矩阵构建的智能仓储、智能搬 运、智能工厂、智能园区四大核心业务及生态联合解决方案，涵盖70余款展品。2025年合力智能物流业 务实现营收同比增长超100%，覆盖8大类22个品种，超100种型号的产品矩阵，近4亿元战略签单额，在 智能物流领域的业务突破。 杭叉集团 参股公司河南嘉晨通过北交所上市审核。杭叉集团（603298）参股河南嘉晨智能控制股份有限公司 22.2 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more in the next six months [4]. Core Insights - In January 2026, the overall sales of forklifts reached 141,700 units, a year-on-year increase of 51.4%. Domestic sales were 89,700 units, up 63.3%, while overseas sales were 52,000 units, increasing by 34.4% [3]. - The strong growth in forklift sales is attributed to a low base from the previous year due to the early Spring Festival, which positively impacted demand. The manufacturing PMI new orders index for January 2026 was 49.20, indicating a gradual improvement in manufacturing sentiment [3]. - Anhui Heli showcased significant advancements in intelligent logistics, achieving over 100% revenue growth in its smart logistics business in 2025, with a product matrix covering over 100 models [3]. - Hangcha Group's investment in Henan Jiachen, which passed the listing review, is expected to enhance its capabilities in core components and improve the intelligence level of forklift products [3]. - The report suggests focusing on leading domestic forklift companies with strong brand recognition and R&D capabilities, such as Anhui Heli, Hangcha Group, and Zhongli Co., as they are well-positioned to benefit from the recovery in manufacturing and logistics demand [3]. Summary by Sections Sales Performance - Forklift sales in January 2026 showed a robust increase, with domestic sales growing by 63.3% and overseas sales by 34.4% [3]. - The cumulative sales for 2025 were 1.4518 million units, with domestic sales at 906,800 units and exports at 545,000 units, both showing positive growth [3]. Market Trends - The demand for forklifts is closely linked to the manufacturing and logistics sectors, with a steady increase in social logistics and manufacturing PMI indicating a positive outlook for the industry [3]. - The report highlights the ongoing globalization efforts of domestic companies, which are establishing local production and service capabilities abroad, thereby increasing market penetration [3]. Company Developments - Anhui Heli's focus on intelligent logistics and the introduction of AI logistics robots are expected to reshape the competitive landscape of the logistics industry [3]. - Hangcha Group's strategic investment in Henan Jiachen is anticipated to strengthen its market position and enhance product intelligence [3].

Core Insights - The Chinese forklift manufacturing industry has developed a comprehensive production capacity over 70 years, becoming the largest manufacturing market globally, with production expected to approach 1.3 million units in 2024 [1] Production Trends - The production of forklifts in China has shown fluctuations, with the total production from 2015 to 2024 experiencing variations. In 2024, the production is projected to be nearly 1.3 million units [1] - The industry is highly concentrated, with the top three companies—Anhui Heli, Zhongli, and Hangcha Group—holding over 80% of the market share. Their production figures for 2024 are expected to be 350,000 units, 294,000 units, and 280,000 units respectively, reflecting year-on-year growth rates of 19.15%, 16.33%, and 12.82% [2] Sales Performance - The sales volume of forklifts in China is on an upward trend, with a record high of 1.286 million units expected in 2024, marking a year-on-year increase of 9.5%. For the first ten months of 2025, sales reached 1.2207 million units, up 14.2% year-on-year [4] - The leading companies in forklift sales for 2024 are projected to be Anhui Heli with 340,200 units (up 16.52%), Zhongli with 297,000 units (up 15.53%), and Hangcha Group with 280,000 units (up 14.05%) [5] Supply and Demand Dynamics - The Chinese forklift manufacturing industry has achieved a basic balance between supply and demand, with significant advancements in technology and production processes. The period from 2015 to 2018 saw excess inventory, but since 2019, the market has shifted towards a more balanced supply-demand scenario, with sales exceeding production [9]

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。 根据北京证券交易所有限责任公司（以下简称"北交所"）网站公告，杭叉集 团股份有限公司（以下简称"公司"）参股公司河南嘉晨智能控制股份有限公司（以 下简称"河南嘉晨"）向不特定合格投资者公开发行股票事项于 2026 年 2 月 12 日 经北京证券交易所上市审核委员会 2026 年第 15 次审议会议审核通过，河南嘉晨将 根据中国证监会及北交所的相关规定及要求开展后续工作。 河南嘉晨成立于 2009 年，经营范围：科技技术研究、开发和智能产品销售；机 器人、物联网技术软件的技术服务、技术开发及销售；计算机信息系统技术开发、 设计、集中维护；货物或技术进出口；车辆智能系统及配套产品的技术研究及销售； 生产：车辆配件、智能产品；房屋租赁等。截至本公告日，公司持有河南嘉晨 1133.3333 万股，持股比例 22.22%。 河南嘉晨向不特定合格投资者公开发行股票并在北交所上市尚需履行中国证券 监督管理委员会注册程序，存在无法通过中国证券监督管理委员会注册的风险，河 南嘉晨存在因公开发行失 ...

Group 1 - The core point of the article is that Hangcha Group (603298.SH) announced that its associate company, Henan Jiachen Intelligent Control Co., Ltd., has received approval from the Beijing Stock Exchange for a public stock issuance to unspecified qualified investors on February 12, 2026 [1] - Henan Jiachen was established in 2009 and its business scope includes technology research, development, and sales of intelligent products, as well as technical services related to robotics and IoT technology [1] - As of the date of the announcement, Hangcha Group holds 11.33333 million shares of Henan Jiachen, representing a 22.22% ownership stake [1]

Group 1 - The core point of the article is that Hangcha Group (603298.SH) experienced a stock price increase of 4.55%, reaching a historical high of 30.360 yuan, with a total market capitalization of 39.766 billion yuan [1]

Core Viewpoint - The engineering machinery industry experienced a strong recovery in 2025, with an index increase of 33.14%, significantly outperforming the CSI 300, and is expected to continue high-quality development in 2026 driven by smart logistics equipment, mining machinery upgrades, and overseas market expansion [1][2]. Group 1: Industry Performance in 2025 - The total operating revenue of the engineering machinery industry reached 303.61 billion yuan in the first three quarters of 2025, a year-on-year increase of 10.84% [2]. - The net profit attributable to shareholders was 29.44 billion yuan, with a year-on-year growth rate of 19.72%, indicating improved profitability [2]. - The gross profit margin increased from 24.86% in Q1 to 25.48% in the first three quarters, reflecting enhanced sales efficiency [2]. Group 2: Cash Flow and Operational Efficiency - The net cash flow from operating activities reached 29.10 billion yuan in the first three quarters, marking a new high for the same period in recent years, with a year-on-year growth rate of 41.79% in Q3 [4]. - Inventory turnover days decreased year-on-year, and the operating cycle was compressed by 3.73%, indicating improved operational efficiency despite a 9.35% increase in inventory value [4]. Group 3: Key Focus Areas for 2026 - Smart logistics equipment is expected to be the most promising growth area in 2026, driven by policy support, surging demand, and technological upgrades [6]. - The continuous growth of e-commerce logistics is a core driver, with the national express package processing volume reaching 7.23 billion during the Mid-Autumn Festival and National Day holidays, pushing the e-commerce logistics business volume index to 132.9 points [6]. - The demand for automation in logistics is urgent, as labor costs account for 29% of logistics companies' warehousing costs, necessitating the replacement of manual labor with smart equipment [6]. Group 4: Policy and Technological Developments - National and local governments are collaborating to promote logistics data openness and the construction of intelligent supply chains, with various supportive policies being implemented [11]. - Technological advancements, such as improved navigation precision and the localization of components, are strengthening the foundation for development in the industry [11]. Group 5: Mining Machinery and Tunnel Equipment - The mining machinery and tunnel engineering equipment sectors are entering a golden period of upgrades, driven by the "14th Five-Year Plan" and carbon neutrality goals [12]. - The demand for deep earth mining is increasing, with non-road dump trucks showing significant operational hours, indicating their essential role in material flow [12]. - The export of mining machinery is growing, with excavator exports reaching 93,800 units in the first ten months of 2025, a year-on-year increase of 14.43% [14]. Group 6: Investment Recommendations - Investment focus for 2026 should be on smart logistics equipment, particularly leading companies in the forklift sector, such as Anhui Heli and Hangcha Group, which are well-positioned to benefit from the trends of electrification and automation [15]. - In the mining machinery and tunnel construction equipment sector, companies like SANY Heavy Industry and Zoomlion are recommended due to their technological maturity and increasing export ratios [15].

Group 1 - The engineering machinery sector increased by 1.95% on February 4, with Hengli Hydraulic leading the gains [1] - The Shanghai Composite Index closed at 4102.2, up 0.85%, while the Shenzhen Component Index closed at 14156.27, up 0.21% [1] - Key stocks in the engineering machinery sector showed significant price increases, with Hengli Hydraulic rising by 4.53% to a closing price of 119.87 [1] Group 2 - The engineering machinery sector experienced a net outflow of 384 million yuan from institutional investors, while retail investors saw a net inflow of 185 million yuan [2] - The trading volume for major stocks varied, with Huadong Heavy Machinery seeing a trading volume of 468,700 shares and a closing price of 7.00, up 4.17% [2] - The overall market sentiment reflected mixed movements, with some stocks like Weiman Sealing and Hailun Zhe showing declines of 2.79% and 2.03% respectively [2] Group 3 - Major stocks such as Huadong Heavy Machinery and Tongli Co. experienced differing net inflows from institutional and retail investors, indicating varied investor sentiment [3] - The net inflow for Tongli Co. was 22.20 million yuan from retail investors, while it faced a net outflow of 32.39 million yuan from institutional investors [3] - The data indicates a complex interaction between institutional and retail investors within the engineering machinery sector, highlighting potential investment opportunities and risks [3]

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]