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 ...

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].

证券日报网讯 2月25日，浙江鼎力在互动平台回答投资者提问时表示，截至2026年2月13日，公司股东 总数约为2.4万户。 （文章来源：证券日报） ...

南方中证500ETF（510500）成立日期2013年2月6日，最新规模1446.9亿。今年以来收益11.22%，同类 排名697/5580；近一年收益43.16%，同类排名1275/4297；成立以来收益179.88%。 2月24日，浙江鼎力涨5.23%，截至发稿，报62.12元/股，成交1.88亿元，换手率0.61%，总市值314.54亿 元。 资料显示，浙江鼎力机械股份有限公司位于浙江省德清县雷甸镇启航路188号(公司四期厂区)，成立日 期2005年5月16日，上市日期2015年3月25日，公司主营业务涉及主要从事高空作业机械和工业车辆的研 发、生产和销售。主营业务收入构成为：剪叉式高空作业平台44.16%，臂式高空作业平台37.90%，桅 柱式高空作业平台9.90%，其他(补充)8.04%。 从浙江鼎力十大流通股东角度 数据显示，南方基金旗下1只基金位居浙江鼎力十大流通股东。南方中证500ETF（510500）三季度减持 6.46万股，持有股数367.7万股，占流通股的比例为0.73%。根据测算，今日浮盈赚取约1136.2万元。 南方中证500ETF（510500）基金经理为罗文杰。 截至发稿，罗文杰 ...

（文章来源：证券日报） 证券日报网讯 2月11日，浙江鼎力在互动平台回答投资者提问时表示，截至2026年2月10日，公司股东 总数约为2.5万户。 ...

（文章来源：证券日报） 证券日报网讯 2月4日，浙江鼎力在互动平台回答投资者提问时表示，截至2026年1月30日，公司股东总 数约为2.6万户。 ...

Core Viewpoint - The engineering machinery industry is a critical pillar of equipment manufacturing, playing a significant role in national infrastructure construction and facing challenges related to energy consumption, carbon emissions control, and safety production. The industry is at a new starting point for green, intelligent, and international development, with ESG management capabilities becoming a core competitive advantage [1]. Industry Performance - Among 34 engineering machinery companies rated by Green Development Credit Rating Co., Ltd., XCMG and Anhui Heli lead with AAApi ratings, establishing themselves as benchmarks for ESG management. Other notable companies include LiuGong, Zhejiang Dingli, and SANY Heavy Industry with AA+pi ratings. However, 50% of the companies received BB-pi or lower ratings, indicating significant disparities in ESG management across the industry [3][4][5]. Key Issues Focus - The industry is focusing on the "dual carbon" goals, smart manufacturing, and responsible operations. Key environmental management areas include greenhouse gas emission control, clean energy application, and the development of new energy products. Companies are encouraged to establish carbon emission monitoring systems and optimize production processes to achieve low-carbon transitions [6]. Social Dimension - Safety production, employee rights protection, and product responsibility are core concerns. Companies need to establish comprehensive safety management systems, enhance employee welfare, and ensure product quality and customer service responsiveness [7]. Governance Dimension - Effective corporate governance, risk management, and ESG management framework construction are crucial. Companies should establish governance structures, strengthen internal controls, and integrate ESG principles into strategic planning and daily operations [7][11]. Industry Practice Benchmarks - Anhui Heli is actively reducing energy consumption through green factory initiatives and optimizing production processes. Zhejiang Dingli is enhancing its climate change management system and promoting energy-efficient transportation methods. LiuGong is improving product development processes and focusing on innovative technologies [9][10]. Future Directions - The engineering machinery industry should focus on three main areas: deepening green transformation, enhancing social responsibility, and optimizing governance systems. Companies need to establish carbon management frameworks, improve employee welfare, and enhance ESG reporting and compliance [13][14].

Group 1 - The company Zhejiang Dingli (603338) has responded to investor inquiries on its interactive platform, emphasizing its commitment to timely information disclosure in accordance with relevant laws and regulations [1] - Investors are encouraged to monitor the company's disclosures on the Shanghai Stock Exchange website and designated information disclosure media for updates on company matters [1]

Group 1 - The core point of the article is that Zhejiang Dingli (603338) has approximately 26,000 shareholders as of January 20, 2026 [1]

Core Viewpoint - Zhejiang Dingli's stock performance shows a slight decline with a trading volume of 241 million yuan, indicating a net financing outflow and a low financing balance relative to market capitalization [1] Financing Summary - On January 20, Zhejiang Dingli had a financing buy amount of 16.50 million yuan and a financing repayment of 27.97 million yuan, resulting in a net financing outflow of 11.47 million yuan [1] - The total financing and securities balance as of January 20 is 336 million yuan, with a financing balance of 328 million yuan, accounting for 1.11% of the circulating market value, which is below the 40th percentile level over the past year [1] - In terms of securities lending, 7,000 shares were repaid and 8,800 shares were sold on January 20, with a selling amount of 513,800 yuan, while the securities lending balance is 7.92 million yuan, exceeding the 80th percentile level over the past year [1] Business Performance - For the period from January to September 2025, Zhejiang Dingli achieved an operating income of 6.675 billion yuan, representing a year-on-year growth of 8.82%, and a net profit attributable to shareholders of 1.595 billion yuan, with a year-on-year increase of 9.18% [2] - The company has cumulatively distributed dividends of 1.886 billion yuan since its A-share listing, with 1.266 billion yuan distributed in the last three years [3] Shareholder Information - As of January 9, the number of shareholders for Zhejiang Dingli is 27,000, a decrease of 3.57% from the previous period, while the average circulating shares per person increased by 3.70% to 18,753 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 23.36 million shares, a decrease of 10.94 million shares from the previous period [3]