Investment Rating - The report maintains a "Recommended" rating for the engineering machinery industry [1] Core Insights - The overall export of China's engineering machinery remains robust, with a total trade value of USD 11.072 billion in January-February 2026, reflecting a year-on-year growth of 31.4%. Exports alone reached USD 10.686 billion, up 33.4% year-on-year, while imports decreased by 7.46% to USD 3.86 billion [6][15] - Excavators are the primary export product in the engineering machinery sector, with export value reaching CNY 12.98 billion in January-February 2026, marking a 29.7% increase year-on-year. The growth rates for exports to various regions include Latin America (+68%), Africa (+62%), Asia (+22%), Europe (+0.4%), North America (+24%), and Oceania (+29%) [9][16] Summary by Sections Overall Export Performance - In January 2026, the export value was USD 5.556 billion, a 17.5% increase year-on-year, while February saw exports of USD 5.13 billion, up 56.3% year-on-year [15] - The engineering machinery export value for January-February 2026 is USD 10.686 billion, with a significant year-on-year growth of 33.4% [6][15] Excavator Export Insights - Excavators accounted for the largest share of engineering machinery exports, with a total export value of CNY 12.98 billion in January-February 2026, reflecting a year-on-year increase of 29.7% [16] - The report highlights key export markets for excavators, including Brazil (1,372 units), Belgium (2,702 units), Indonesia (4,762 units), the United States (10,039 units), South Africa (498 units), and Australia (1,141 units [9][35] Regional Export Growth - The report details the year-on-year growth rates for excavator exports to different regions, with Latin America showing the highest growth at 68%, followed by Africa at 62% and Asia at 22% [9][35] - The overall export performance indicates a strong demand for engineering machinery, particularly excavators, across various international markets [6][9]

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]

Group 1: Energy Storage Related Convertible Bonds - The report highlights the potential increase in orders for domestic energy storage products due to rising energy prices in Europe caused by the Middle East situation, which may stimulate demand for household photovoltaic storage solutions [10][11] - Yiwei Lithium Energy's convertible bond is noted for its comprehensive product solutions and smart operation services in energy storage, being the first company globally to mass-produce 600Ah+ energy storage batteries, catering to diverse customer needs [10][11] - Qingyuan Co., Ltd.'s convertible bond focuses on energy storage products as a key strategic direction, with its TNK series household energy storage system designed for easy installation and high safety, suitable for both indoor and outdoor use [11] Group 2: Other Notable Companies in the Sector - Keda Li's convertible bond includes precision structural components for electric vehicle batteries and energy storage, with established partnerships with leading domestic and international companies [12] - Aidi Precision's acquisition of Yien New Power Technology enhances its capabilities in battery manufacturing and energy storage system solutions, positioning it as a leading battery system integrator in China [12] - Minglida's convertible bond emphasizes its expertise in precision structural components for various applications, including energy storage and photovoltaic sectors, indicating strong growth potential [12] Group 3: Weekly Convertible Bond Strategy - The report indicates a continued influx of incremental funds into the market, with a medium to long-term optimistic outlook for stock market trends, despite short-term fluctuations due to overseas risks [14][15] - The convertible bond market is seeing an increase in institutional investor participation, which is expected to support bond valuations amid stable funding conditions [14] - Suggested focus areas for convertible bonds include sectors benefiting from rising overseas computing power demand and high-end manufacturing, with specific recommendations for companies like Ruike and Huacheng [15]

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 industry investment rating is "Overweight" indicating a positive outlook for the engineering machinery sector [2][4]. Core Insights - The engineering machinery industry shows an upward trend in sales, with a total of 17,226 excavators sold in February 2026, a year-on-year decrease of 10.6%. However, the cumulative sales for January-February 2026 reached 35,934 units, reflecting a year-on-year increase of 13.1% [2][4]. - Exports have significantly exceeded market expectations, with excavator exports in February 2026 increasing by 37.2% year-on-year, and cumulative exports for January-February 2026 growing by 38.8%. Exports accounted for 60.8% of total sales in February, marking a historical high [2][4]. - Domestic sales saw a decline of 42% in February 2026, attributed to the timing of the Spring Festival, rather than a weakening demand. The actual demand remains resilient when adjusted for working days [4]. - The report anticipates a synchronization of domestic and international sales, with a potential surge in domestic demand as the traditional construction season begins in March 2026 [4]. - The report highlights key investment opportunities in the engineering machinery sector, focusing on major manufacturers such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui, as well as component suppliers like Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing [4]. Summary by Sections Sales Performance - In February 2026, a total of 17,226 excavators were sold, down 10.6% year-on-year. Domestic sales were 6,755 units, down 42%, while exports reached 10,471 units, up 37.2% [2][4]. - Cumulative sales for January-February 2026 were 35,934 units, with domestic sales at 15,478 units (down 9.19%) and exports at 20,456 units (up 38.8%) [2][4]. Market Dynamics - The engineering machinery industry is experiencing a recovery trend, with strong export growth and resilient domestic demand expected to drive future performance [4]. - The report notes that the current domestic industry cycle resembles the upward phase of the 2017-2018 renewal cycle, suggesting a robust recovery ahead [4]. Investment Opportunities - The report identifies key companies for investment consideration, including SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Shantui for main machinery, and Hengli Hydraulic, Aidi Precision, Fushite, and Weiman Sealing for components [4].

| 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2026-009 | | --- | --- | --- | | 转债代码：113644 | 转债简称：艾迪转债 | | 烟台艾迪精密机械股份有限公司 关于以集中竞价交易方式回购股份的进展公告 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《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交 易日内公告截至上月末的回购进展情况。现将回购股份进展情况披露如下： 截至 2026 年 2 月 28 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 81.30 万股，已回购股份占公司总股本的比例为 0.10%，回 购成交的最高价为 24.41 元/股、最低价为 24.13 元/股，已支付的资金总额为人民 币 1973.03 万元（含交易费用）。 上述回购股份进展符合相关法律法规规定及公司回购股份方案的要求。 重要内容提示： | 回购方案首次披露日 | 2 ...

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].

Core Viewpoint - Yantai Eddie Precision Machinery Co., Ltd. plans to change the source of conversion for its convertible bonds from "newly issued shares" to "preferentially using repurchased shares for conversion, with any shortfall covered by newly issued shares" [2] Group 1: Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission for the public issuance of convertible bonds, totaling 1 million bonds with a face value of 100 yuan each, amounting to a total of 1 billion yuan, with a term of 6 years [2] - The coupon rates for the bonds are set at 0.3% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, 2.0% for the fifth year, and 3.0% for the sixth year [2] - The bonds were listed for trading on May 12, 2022, under the name "Eddie Convertible Bonds" with the code "113644" [2] Group 2: Conversion Status of Eddie Convertible Bonds - As of January 31, 2026, a total of 62,000 yuan of "Eddie Convertible Bonds" have been converted into company shares, resulting in 2,565 shares, which represents 0.0003% of the company's total shares before conversion [4] - The remaining amount of unconverted convertible bonds is 999,938,000 yuan, accounting for 99.9938% of the total issuance [4] Group 3: Confirmation of Conversion Source for Publicly Issued Convertible Bonds - On November 20, 2025, the company held a board meeting and approved a plan to repurchase shares through centralized bidding, with a proposed repurchase quantity of 3.7037 million to 7.4074 million shares, and a total fund of no less than 100 million yuan and no more than 200 million yuan [5] - The repurchase period is set for 12 months from the date of board approval [5] Group 4: Repurchase Status - As of February 25, 2026, the company has repurchased 209,000 shares through centralized bidding, representing 0.025% of the total share capital, with a maximum transaction price of 24.41 yuan per share and a minimum price of 24.27 yuan per share, totaling 5.08777 million yuan spent [6]

Core Viewpoint - Yantai Eddie Precision Machinery Co., Ltd. plans to change the source of conversion for its "Eddie Convertible Bonds" from "newly issued shares" to "prioritize the use of repurchased shares for conversion, with any shortfall covered by newly issued shares" [1] Group 1: Convertible Bond Issuance Overview - The company received approval from the China Securities Regulatory Commission for the public issuance of convertible bonds, with a total issuance of 10 million bonds at a face value of 100 yuan each, amounting to 1 billion yuan, with a term of 6 years [1] - The coupon rates for the bonds are set at 0.3% for the first year, 0.5% for the second year, 1.0% for the third year, 1.5% for the fourth year, 2.0% for the fifth year, and 3.0% for the sixth year [1] - The bonds were listed for trading on the Shanghai Stock Exchange on May 12, 2022, under the name "Eddie Convertible Bonds" with the code "113644" [1] Group 2: Conversion Status of Eddie Convertible Bonds - As of January 31, 2026, a total of 62,000 yuan of "Eddie Convertible Bonds" have been converted into company shares, resulting in 2,565 shares, which is 0.0003% of the total shares issued prior to conversion [2] - The amount of convertible bonds that have not yet been converted is 999,938,000 yuan, accounting for 99.9938% of the total issuance [2] Group 3: Confirmation of Conversion Source for Public Issuance of Convertible Bonds - On November 20, 2025, the company held a board meeting and approved a plan to repurchase shares through centralized bidding, with a planned repurchase of 3.7037 million to 7.4074 million shares, with a total fund of no less than 100 million yuan and no more than 200 million yuan [2] - The repurchase period is set for 12 months from the date of board approval [2] Group 4: Repurchase Status - As of February 25, 2026, the company has repurchased 209,000 shares through centralized bidding, representing 0.025% of the total share capital, with a maximum transaction price of 24.41 yuan per share and a minimum of 24.27 yuan per share, totaling 5.08777 million yuan spent [3] - The repurchased shares are held in a dedicated securities account for repurchase [3]

关于"艾迪转债"变更转股股份来源的公告 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个别及连带责任。 重要内容提示： ●烟台艾迪精密机械股份有限公司（以下简称"公司"）拟将"艾迪转债" 的转股来源由"新增股份"变更为"优先使用回购股份转股，不足部分使用新增 股份"； ●当前转股价格：18.65 元/股； ●转股期起止日期：2022 年 11 月 18 日至 2028 年 4 月 14 日； ●回购股份作为转股来源生效日期：2026 年 2 月 26 日 | 证 | 证券代码：603638 | 证券简称：艾迪精密 | 公告编号：2026-008 | | --- | --- | --- | --- | | | 转债代码：113644 | 转债简称：艾迪转债 | | 烟台艾迪精密机械股份有限公司 二、艾迪转债转股情况 1 / 3 截至 2026 年 1 月 31 日，累计共有 62,000 元"艾迪转债"转换为公司股份， 因转股形成的股份数量累计为 2,565 股，占"艾迪转债"转股前公司已发行股份 总额的 0.0003%。尚未转股的可转债 ...