机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 顺周期机械复苏持续，AI、人形机器人产业 蓬勃发展 ——机械行业月报 证券研究报告-行业月报 强于大市(维持) 机械相对沪深 300 指数表现 资料来源：中原证券 -18% -10% -1% 7% 15% 23% 32% 40% 2025.02 2025.06 2025.10 2026.02 机械 沪深300 相关报告 《机械行业月报：持续推荐人形机器人、AIDC 配套设备，关注低位滞涨板块的轮动机遇》 2026-01-27 《机械行业月报：人形机器人有望成为美国科 技战略主线，建议持续关注人形机器人、AIDC 配套设备》 2025-12-29 《机械行业月报：十五五规划强调科技自立， 未来产业引领，重点关注周期复苏和未来产业 投资机遇》 2025-11-26 联系人：李智 22楼 投资要点： ⚫ 2 月中信机械板块上涨 6.01%，跑赢沪深 300 指数（+0.63%）5.38 个百分点，在 30 个中信一级行业中排名第 2 名：截至 2026 年 2 月 25 日收盘，2 月中信机械板块 ...

凤凰网财经讯 2月26日，市场探底回升，三大指数涨跌不一，创业板指盘中一度跌超1%，黄白线分 化。沪深两市成交额2.54万亿，较上一个交易日放量759亿。盘面上，市场热点快速轮动，全市场超 2800只个股下跌。从板块来看，算力硬件方向涨幅居前，PCB、CPO、液冷服务器、算力芯片概念均表 现强势，深南电路、大族激光、广合科技、川润股份涨停。电力板块走强，赣能股份2连板，华银电力 涨停。燃气轮机概念集体大涨，应流股份、万泽股份、东方电气、常宝股份封涨停。小金属概念表现活 跃，云南锗业、章源钨业双双2连板。环保股尾盘拉升，中科环保、启迪环境封涨停。下跌方面，影视 院线、保险、房地产等板块跌幅居前。其中影视院线概念股连续大跌，博纳影业触及跌停。截至收盘， 沪指跌0.01%，深成指涨0.19%，创业板指跌0.29%。 ...

| 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 002085 | 万丰奥威 | -0.50% | 5.29% | | 002389 | 航天彩虹 | -0.37% | 3.73% | | 600038 | 中直股份 | 1.33% | 3.58% | | 300045 | 华力创通 | 1.68% | 3.49% | | 600316 | 洪都航空 | -1.17% | 3.40% | | 600118 | 中国 星 | 2.05% | 3.39% | | 600879 | 航天电子 | 2.54% | 2.83% | | 688297 | 中无人机 | -1.03% | 2.70% | | 300342 | 天银机电 | 1.03% | 2.60% | | 002151 | 北斗星通 | 0.94% | 2.49% | 截至2026年2月26日，三大指数盘中拉升，低空经济概念小幅拉升，截至 13:18，通用航空ETF华夏(159230)上涨0.88%， 冲击3连涨，其持仓股应流股份涨 停，广联航空上涨5.64%，广电计量上涨3.18%，睿创微纳上 ...

格隆汇2月26日｜A股市场商业航天股集体走强，其中，春晖智控涨超16%，通光线缆涨12%，中科环 保、华丰科技涨超11%，云南锗业、鸿远电子10CM涨停，飞沃科技、本川智能涨超9%，应流股份、江 顺科技、钢研高纳涨超8%，长盈通涨超7%，斯瑞新材、易事特涨超6%。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | 最新 | | --- | --- | --- | --- | --- | --- | --- | | 300943 | 春晖智控 | 1 | 16.30 | 76.33亿 | 80.22 | 37.45 | | 300265 | 通光线缆 | 0 | 12.00 | 88.19亿 | 40.75 | 18.86 | | 301175 | 中村环保 | 1 | 11.27 | 106亿 | 22.00 | 7.21 | | 688629 | 华丰科技 | 4 | 11.22 | 562亿 | 21.77 | 121.84 | | 002428 | 不用猪业 | 1 | 10.01 | 290亿 | 39.81 | 44.39 | | 603267 | 鸿远电子 | | 10. ...

股票频道更多独家策划、专家专栏，免费查阅>> | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | 最新 | | --- | --- | --- | --- | --- | --- | --- | | 300943 | 春晖智控 | 1 | 16.30 | 76.33 Z | 80.22 | 37.45 | | 300265 | 通光线缆 | 1 | 12.00 | 88.19亿 | 40.75 | 18.86 | | 301175 | 中科研保 | 1 | 11.27 | 106亿 | 22.00 | 7.21 | | 688629 | 华丰科技 | 1 | 11.22 | 562亿 | 21.77 | 121.84 | | 002428 | 不用猪V | 1 | 10.01 | 290亿 | 39.81 | 44.39 | | 603267 | 鸿远电子 | | 10.01 | 150亿 | 19.14 | 64.85 | | 301232 | 飞沃科技 | 1 | 9.26 | 151亿 | 19.40 | 201.04 | | 300964 | 本川智能 | | 9.08 | 5 ...

前海开源一带一路混合A（001209）成立日期2015年4月29日，最新规模4508.54万。今年以来收益 15.15%，同类排名833/8887；近一年收益3.97%，同类排名7360/8134；成立以来亏损29.3%。 前海开源一带一路混合A（001209）基金经理为吴国清、王思岳。 截至发稿，吴国清累计任职时间10年158天，现任基金资产总规模79.07亿元，任职期间最佳基金回报 457.31%， 任职期间最差基金回报-34%。 2月26日，应流股份涨5.12%，截至发稿，报69.82元/股，成交5.22亿元，换手率1.13%，总市值474.10亿 元。 资料显示，安徽应流机电股份有限公司位于安徽省合肥市经济技术开发区繁华大道566号，成立日期 2006年4月25日，上市日期2014年1月22日，公司主营业务涉及 专用设备高端零部件的研发、生产、销 售,产品应用于石油天然气、清洁高效发电、工程和矿山机械及其他高端装备领域。主营业务收入构成 为：机械装备构件53.59%，泵及阀门零件43.94%，其他2.48%。 从基金十大重仓股角度 数据显示，前海开源基金旗下1只基金重仓应流股份。前海开源一带一路混合A ...

融券方面，应流股份2月25日融券偿还3700.00股，融券卖出300.00股，按当日收盘价计算，卖出金额 1.99万元；融券余量18.40万股，融券余额1222.13万元，超过近一年90%分位水平，处于高位。 资料显示，安徽应流机电股份有限公司位于安徽省合肥市经济技术开发区繁华大道566号，成立日期 2006年4月25日，上市日期2014年1月22日，公司主营业务涉及 专用设备高端零部件的研发、生产、销 售,产品应用于石油天然气、清洁高效发电、工程和矿山机械及其他高端装备领域。主营业务收入构成 为：机械装备构件53.59%，泵及阀门零件43.94%，其他2.48%。 2月25日，应流股份跌1.51%，成交额13.62亿元。两融数据显示，当日应流股份获融资买入额9921.47万 元，融资偿还1.01亿元，融资净买入-165.40万元。截至2月25日，应流股份融资融券余额合计6.88亿 元。 融资方面，应流股份当日融资买入9921.47万元。当前融资余额6.76亿元，占流通市值的1.50%，融资余 额超过近一年90%分位水平，处于高位。 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 ...

Investment Rating - The report maintains an "Overweight" rating for the defense and military industry, indicating a positive outlook compared to the overall market performance [4][28]. Core Insights - The defense industry is expected to see continuous improvement in fundamentals and orders, driven by the steady advancement of the "14th Five-Year Plan" and increased military spending intentions from the US and Europe due to recent geopolitical events [4]. - The report highlights that the military industry is entering a new cycle of quality improvement and growth, with expectations for enhanced delivery and performance recovery in the first half of 2026 [4]. - Key sectors to focus on include commercial aerospace, the dual-engine industry (gas turbines and commercial engines), and controllable nuclear fusion [4]. - The report emphasizes the importance of domestic demand growth and technological advancements in driving investment opportunities within the military sector [4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 2.17%, outperforming the Shanghai Composite Index, which increased by 0.41% [5]. - The top five performing stocks in the defense sector included Yingliu Co. (up 24.87%), TeFa Information (up 22.73%), and China Power (up 18.32%) [12]. - Conversely, the bottom five performers included Shenjian Co. (down 15.22%) and Aerospace Engineering (down 10.61%) [13]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 97.40, indicating it is at a historically high level, with a valuation percentile of 75.55% since January 2014 [20]. - The report notes a slight differentiation in valuations among sub-sectors, with aerospace and aviation equipment showing relatively high PE valuations since 2020 [20]. Key Investment Targets - Recommended stocks for domestic demand include AVIC Shenyang Aircraft (中航沈飞), Feilihua (菲利华), and Huazhong CNC (华秦科技) [4]. - For external growth opportunities, stocks such as Ruichuang Micro-Nano (睿创微纳) and Aerospace Electronics (航天电子) are highlighted [4].

截至发稿，李煜累计任职时间2年362天，现任基金资产总规模19.89亿元，任职期间最佳基金回报 4.76%， 任职期间最差基金回报-2.59%。 数据显示，国泰海通资管旗下1只基金重仓应流股份。国泰海通新材料混合发起A（018983）四季度持 有股数9800股，占基金净值比例为3.2%，位居第十大重仓股。根据测算，今日浮盈赚取约3.47万元。 国泰海通新材料混合发起A（018983）成立日期2023年9月19日，最新规模999.73万。今年以来收益 6.63%，同类排名2916/8994；近一年收益44.9%，同类排名1997/8199；成立以来收益32.41%。 国泰海通新材料混合发起A（018983）基金经理为李煜。 2月24日，应流股份涨5.45%，截至发稿，报68.45元/股，成交6.37亿元，换手率1.40%，总市值464.80亿 元。 资料显示，安徽应流机电股份有限公司位于安徽省合肥市经济技术开发区繁华大道566号，成立日期 2006年4月25日，上市日期2014年1月22日，公司主营业务涉及 专用设备高端零部件的研发、生产、销 售,产品应用于石油天然气、清洁高效发电、工程和矿山机械及其他高端装备 ...

Core Viewpoint - The gas turbine industry is experiencing significant growth driven by the increasing power demand from AI applications, particularly in the North American market [2][6]. Group 1: Market Demand and Growth - The global demand for gas turbines is expected to rise, with a forecasted additional requirement of 31GW of power for AI data centers in the U.S. over the next five years [6]. - The electricity consumption of global data centers is projected to increase from 415TWh in 2024 to 945TWh by 2030, with the U.S. accounting for 45% of this demand [6]. - The North American market is focusing on traditional power generation equipment such as gas turbines, gas internal combustion engines, and diesel generators to meet the surging electricity needs [2]. Group 2: Company Performance - Companies like Jerry Holdings and Yingliu Technology have seen their stock prices soar, with Jerry Holdings' stock increasing by 96% in 2025 and an additional 38.94% in the first two months of this year [5]. - Yingliu Technology's stock has risen over 50% this year, while Dongfang Electric's stock has increased by more than 30% [5]. - Jerry Holdings has secured four contracts in North America since November 2025, with a total contract value of approximately 34 billion yuan [5]. Group 3: Advantages of Gas Turbines - Gas turbines are favored for their quick startup, easy deployment, stable power generation, energy efficiency, low maintenance, and cost-effectiveness, making them an optimal choice for AI data center power supply [7]. - The efficiency of gas turbine combined cycles can exceed 60%, and they have the lowest cost per kilowatt-hour [7]. Group 4: Future Projections - The global gas turbine sales are expected to increase, with the number of MW orders projected to rise from 58GW in 2024 to 71GW in 2025, and the number of units ordered expected to grow from 471 to 964 [8]. - Major manufacturers like GE, Siemens, and Mitsubishi Heavy Industries have their order deliveries scheduled until 2029, indicating strong future demand [7].