定点捷报频传 订单盈门添动能 新能源汽车产业加速驰骋，搭上行业发展"顺风车"的零部件企业，正持续收获发展红利。记者梳理发 现，今年1月以来，已有天成自控、今飞凯达、长源东谷等10多家A股汽车零部件公司，相继收到下游 客户的项目定点通知，涵盖座椅、轮毂、车载投影等多个细分领域。 天成自控的收获颇具代表性。公司全资子公司武汉天成近日收到国内某头部汽车企业的定点通知，成为 其乘用车座椅供应商。根据规划，该定点项目预计2026年10月量产，生命周期长达5年，预计总金额达 23亿元，将为公司长期业绩增长注入稳定动力。 马蹄声声催奋进，实干开局启新程。 "近期接连签下新订单，叠加在手订单的按期交付需求，全年生产工期已十分紧张。"四川一家汽车零部 件企业相关负责人告诉上海证券报记者，公司正月初五(2月21日)便全面返岗开工，目前生产工作已经 展开，员工们干劲十足。 我国汽车产业近年来取得高速发展，产业链上下游企业同步受益、协同发力。进入2026年以来，多家A 股汽车零部件上市公司捷报频传，定点订单接踵而至，行业蓬勃发展的势头愈发强劲。 "订单不断既是对零部件企业研发实力的认可，也是整车厂商对供应链稳定性的追求。"A股某汽车 ...

Core Viewpoint - The low-altitude economy is transitioning from a conceptual phase to large-scale commercial use, as evidenced by recent events and technological advancements in the sector [2][3][5]. Group 1: Low-altitude Economy Developments - The first eVTOL water airport, developed by Fengfei Aviation, was showcased during the Spring Festival, marking a significant milestone in low-altitude infrastructure [3][5]. - A record-breaking drone performance featured 22,580 drones, setting a Guinness World Record for the largest simultaneous drone flight, highlighting the technological capabilities within the low-altitude economy [5][13]. - The low-altitude flight network in the Yangtze River Delta is expanding, with routes connecting Shanghai to various locations, significantly reducing travel time for residents [6][7]. Group 2: Market Trends and Capital Involvement - In early 2026, WoFei ChangKong secured nearly 1 billion yuan in funding, marking the largest single financing round in the low-altitude economy sector this year [10][11]. - Financial institutions are shifting from being mere capital providers to strategic partners, actively engaging in the technological and industrial risks associated with low-altitude ventures [12]. - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025, with significant growth in drone operations and eVTOL orders, indicating a robust demand for low-altitude services [13][15]. Group 3: Competitive Landscape - Companies are actively positioning themselves in the low-altitude economy, with established firms like WanFeng AoWei and ZhongShen Power making strategic acquisitions to enhance their product offerings [14]. - New entrants and established companies are collaborating to expand the industry, with firms like SF Express and ZTE entering the market, leveraging their existing capabilities to support low-altitude operations [14]. - The industry is expected to see five major trends in 2026, including refined airspace management and rapid development of low-altitude logistics, which will attract further investment [15].

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

格隆汇2月13日丨长源东谷(603950.SH)涨2.77%，报40.780元，股价创历史新高，总市值132.18亿元。 ...

【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 四足/双足机器人均系26年强催化：四足核心客户进入批量期，长源系零部件及总成核心供应商，具备大批量供应 能力；机器人子公司双足样机有望Q1落地，腿部关节测试，轮式机器人在完善算法同步进行。 主业基本面向上趋势不变：新客户持续定点。 【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 26年商用车有3家潜在新客户+1海外新客户，新产业趋势下，传统业务份额持续提升，商用车越来越依赖外部供应 链；乘用车今年连续定点2家新客户，后续还有。 充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 四足/双足机器人均系26年强催化：四足核心客户进入批 ...

充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 充分受益AIDC柴发景气（内外并举）： 国产链玉柴近期受益于字节超预期招标，拿到70%以上份额，公司和玉柴 合资产线产能有望超预期释放；本部自建产线投产，是康明斯大马力柴发潜在供应商。 康明斯国内海外工厂扩产，也关注海外康明斯供应链！ 四足/双足机器人均系26年强催化：四足核心客户进入批量期，长源系零部件及总成核心供应商，具备大批量供 【招商汽车&机械】长源东谷业绩催化+新订单催化，继续看好 四足/双足机器人均系26年强催化：四足核心客户进入批量期，长源系零部件及总成核心供应商，具备大批量供应 能力；机器人子公司双足样机有望Q1落地，腿部关节测试，轮式机器人在完善算法同步进行。 主业基本面向上趋势不变：新客户持续定点。 26年商用车有3家潜在新客户+1海外新客户，新产业趋势下，传统业务份额持续提升，商用车越来越依赖外部供 ...

Summary of Conference Call Records Industry Overview: Humanoid Robotics Key Companies and Developments - **Hengshuai Co., Ltd.** - The North American robotics team has completed factory audits, confirming that the hand motors are on the direct supply list, with body motors expected to follow, potentially becoming the only tier-one supplier in the motor segment [1] - Estimated value of body and hand motors per unit exceeds 10,000 yuan [1] - Set to become the fifth core supplier to sign a framework cooperation agreement with major North American clients, following companies like Sanhua, Topband, Rongtai, and Changying Precision [1] - **Minshi Group and Lide Harmony** - Minshi Group announced a joint venture with Lide Harmony to design, manufacture, and commercialize humanoid robot joint modules in the U.S., with Minshi holding a 60% stake and Lide Harmony 40% [1] - **Changyuan Donggu** - Core supplier for quadruped robots, capable of large-scale supply; the biped robot subsidiary is expected to launch prototypes in Q1, with leg joint testing ongoing [2] - **Kedali** - Secured North American clients for harmonic reducers, rotary modules, and customized screw drawings, with positive feedback on sample tests leading to potential bulk procurement agreements [2] - **Wankai New Materials** - Participated in a technology innovation showcase in Beijing, receiving significant attention for its dexterous hand product capable of complex tasks [2] - **Shuanghuan Transmission** - The cycloidal pinwheel reducer is confirmed for use in the V4 C-end robot at two hip positions [2] - **Fule New Materials** - Signed a comprehensive strategic cooperation agreement with Lingxin Qiaoshou for the procurement of 100,000 tactile sensors [2] - **Hua Yi Technology** - IMU has been sent for testing, with no domestic competitors and a high probability of passing tests; the value per humanoid unit is several thousand yuan, with usage ranging from 3 to 10 units [3] - **Anpeilong** - Achieved breakthrough progress with North American clients, with positive feedback on single-dimensional sensors valued at 10,000 yuan per unit; discussions on expanding production in Thailand are ongoing [4] - **Siling Zhichui** - Confirmed harmonic agreements with a production capacity of 1 million harmonic drives, with significant progress in bearing products and a 70%+ increase in average selling price (ASP) [4] Industry Insights - The conference highlighted the rapid advancements and collaborations within the humanoid robotics sector, indicating a strong market potential and increasing demand for components and systems [4] - The emphasis on joint ventures and strategic partnerships suggests a trend towards consolidation and resource sharing among key players in the industry [1][2][4] Additional Notes - All information presented is based on market rumors and should be considered with caution, as it does not represent personal opinions or investment advice [5]

Investment Rating - The report maintains an investment rating of "Leading the Market-A" for the general machinery sector [1][10]. Core Insights - The demand for power in North American data centers is increasing, leading to opportunities for domestic gas generator replacements and overseas expansion [1][10]. - The global power consumption of data centers is projected to double from approximately 415 TWh in 2024 to 945 TWh by 2030, indicating a significant growth trajectory [5]. - Caterpillar's revenue reached a historical high of $67.6 billion in 2025, with a 71% year-on-year increase in orders, driven by the surge in demand for data center backup power and gas engines [6][10]. Summary by Sections Market Performance - The general machinery sector has shown strong performance over the past year, with significant growth in the energy and power segment, which achieved a revenue of $9.4 billion, a 23% year-on-year increase [2][6]. Data Center Power Solutions - The increasing reliance on off-grid power solutions in data centers is driven by the mismatch between data center construction cycles and grid expansion timelines, necessitating the use of gas engines as primary power sources [5][8]. - Wärtsilä has secured orders for 507 MW of gas engines for data centers in the U.S., highlighting the growing trend of using gas engines for primary power supply [3][7]. Engine Market Dynamics - The share of gas engines in data center power generation is expected to rise from 28.6% in 2020 to 53.7% by 2024, with projections indicating a further increase to 70.8% by 2030, corresponding to a market size of approximately 101.8 billion RMB [8][10]. - The advantages of medium-speed engines include shorter delivery times, operational reliability in various environments, cost-effectiveness, and compliance with low emissions standards [9]. Investment Opportunities - The imbalance in supply and demand for gas engines in overseas markets presents an opportunity for domestic manufacturers to expand internationally [10][11]. - Key companies to watch include Weichai Heavy Machinery and Weichai Power, which have advantages in the North American market and in the production of gas engines [11].

Group 1 - The core point of the news is that Changyuan Donggu's stock price increased by 5.1% to 32.76 CNY per share, with a trading volume of 1.09 billion CNY and a turnover rate of 1.05%, resulting in a total market capitalization of 10.619 billion CNY [1] - Changyuan Donggu, established on December 19, 2001, and listed on May 26, 2020, is located in Xiangyang, Hubei Province, and specializes in the research, production, and sales of diesel engine components [1] - The company's main business revenue composition includes: cylinder blocks 55.32%, cylinder heads 34.97%, connecting rods 5.61%, other (supplementary) 2.11%, and other products 1.98% [1] Group 2 - Among the top ten circulating shareholders of Changyuan Donggu, a fund under the Fortune Fund, specifically the Fortune Steady Growth Mixed A (010624), entered the top ten in the third quarter, holding 2.3 million shares, which accounts for 0.71% of the circulating shares [2] - The estimated floating profit for the fund today is approximately 3.657 million CNY [2] - The Fortune Steady Growth Mixed A fund was established on April 28, 2021, with a latest scale of 5.378 billion CNY, and has achieved a year-to-date return of 4.21% and a one-year return of 31.11% [2]

Group 1 - The core point of the news is that Changyuan Donggu (SH603950) has received approval for the environmental assessment of its subsidiary Guangxi Yuchai Changyuan Technology Co., Ltd.'s VC cylinder processing project, with a total investment of 60 million yuan [1] - The "A-share Green Report" project aims to enhance the transparency of environmental information for listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicates that 10 listed companies have recently exposed environmental risks [1] Group 2 - Changyuan Donggu primarily engages in the research, development, production, and sales of diesel engine components [3] - The company's market capitalization is 10.625 billion yuan, with projected revenues of 1.92 billion yuan for 2023 and 1.648 billion yuan for 2024 [4] - The net profit attributable to the parent company is expected to be 2.684 billion yuan in 2023 and 2.896 billion yuan in 2024, with a net asset return rate of 8.95% in 2023 and 9.86% in 2024 [4]