融资融券周报 主要指数全部震荡调整，两融余额小幅下降 ――融资融券周报 分析师：王雪莹 SAC NO：S1150525020001 2026 年 3 月 18 日 | 研 | 证券分析师 | 核心观点： | | --- | --- | --- | | 究 | 王[Table_IndInvest] 雪莹 022-23839121 |  市场概况 | | | wangxy4430@bhzq.com |  上周（3 月 11 日-3 月 17 日）A 股市场主要指数全部下跌，其中中证 500 | | | | 跌幅最大，下跌了 4.69%；上证 50 跌幅最小，下跌了 0.61%。此外， | | | | 上证综指下跌 1.78%，深证成指下跌 2.19%，创业板指下跌 0.79%，科 | | 证 | | 创 50 下跌 4.67%，沪深 300 下跌 0.80%。 | | | | 月 日，沪深两市两融余额为 亿元，较上周减少  3 17 26,435.92 32.33 | | 券 | | 亿元。其中融资余额为 26,255.50 亿元，较上周减少 32.27 亿元；融券 | | 研 | | 余额为 180.42 ...

Investment Rating - The industry is rated as "Positive" for the next 12 months, expecting a growth rate exceeding 10% compared to the CSI 300 index [36] Core Views - The engineering machinery sector experienced a significant decline in domestic sales in February, primarily due to the timing of the Spring Festival and a high base from the previous year. However, the upcoming key projects and the continuation of large-scale equipment renewal policies are expected to boost the sector's recovery [28] - Tesla's upcoming launch of the Optimus V3 is anticipated to reignite market interest in humanoid robots, with the industry maintaining high prosperity. Several domestic companies are already in the IPO process, making 2026 a critical year for the humanoid robot sector [28] - The report maintains "Buy" ratings for Zhonglian Heavy Industry (000157), Hengli Hydraulic (601100), Jiechang Drive (603583), and Haomai Technology (002595) [28] Industry News - In February, a total of 80,898 forklifts were sold, representing a year-on-year decline of 20.3%. Domestic sales of forklifts (excluding electric walk-behind warehouse vehicles) totaled 30,999 units, down 30.2% year-on-year [10] - Tesla's AI chip wafer factory project, codenamed "Terafab," is set to launch soon, as announced by CEO Elon Musk [11] Company Announcements - Chip Microelectronics announced progress on its H-share issuance and listing in Hong Kong [17] - Yonggui Electric reported a delay in some fundraising investment projects, adjusting the timeline for certain projects to March 18, 2027 [18] - Yilong Co. projected a 54.59% year-on-year increase in net profit for 2025, with a revenue of 3.20495 billion yuan, up 4.95% from the previous year [19] Market Review - From March 11 to March 17, 2026, the CSI 300 index fell by 0.80%, while the machinery equipment sector dropped by 6.35%, underperforming the CSI 300 by 5.55 percentage points [20] - As of March 17, 2026, the price-to-earnings ratio (PE, TTM) for the machinery equipment sector was 49.67, with a valuation premium of 250.04% compared to the CSI 300 [21]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Zoomlion Heavy Industry Science and Technology Co., Ltd.* 中聯重科股份有限公司 承董事會命 中聯重科股份有限公司 董事長 詹純新 中國長沙，2026年3月17日 於本公告刊發日期，本公司執行董事為詹純新博士及劉小平先生；非執行董事為 賀柳先生及王賢平先生；以及獨立非執行董事為張成虎先生、黃國濱先生、吳寶 海先生及黃珺女士。 * 僅供識別 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1157） 董事會議通告 中聯重科股份有限公司（「本公司」）董事會（「董事會」）謹此公佈將於2026年3月 30日（星期一）召開董事會，以考慮及批准（其中包括）本公司及其附屬公司截至 2025年12月31日止年度的全年業績及其刊發，考慮派付末期股息（如有），並處理 任何其他事項。 ...

"制造强国"实干系列周报(26/03/15期) 证券分析师： 韩强 A0230518060003 屠亦婷 A0230512080003 王珂 A0230521120002 刘正 A0230518100001 马天一 A0230525040004 戴文杰 A0230522100006 黄莎 A0230522010002 武雨桐 A0230520090001 李蕾 A0230519080008 刘建伟 A0230521100003 王艺儒 A0230523110003 联系人：何佳霖 A0230523080002 2026.3.16 证 券 研 究 报 告 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 2026AWE见闻：AI重构家庭，科技落地日常 ◼ 能源矛盾加剧，看好风电板块估值重估 ◼ 珍惜回调窗口，加配工程机械 ◼ 风险提示：市场竞争加剧的风险；原材料价格波动风险；经济周期波动的风险 主要内容 3 1. 2026AWE见闻：AI重构家庭，科技落地日常 2. 能源矛盾加剧，看好风电板块估值重估 3. 珍惜回调窗口，加配工程机械 ◼ 京东AWE打造千场"总裁+明星"双矩阵直播 www ...

Investment Rating - The report suggests a focus on investment opportunities in the mechanical equipment industry, particularly in areas of domestic substitution and AI integration [4]. Core Insights - The "14th Five-Year Plan" emphasizes technological self-reliance and the autonomy of industrial chains, with a focus on key sectors such as integrated circuits, industrial mother machines, high-end instruments, and advanced materials [6]. - The report identifies significant growth potential in the domestic production of industrial mother machines and scientific instruments, driven by increased policy support and funding [6][19]. - AI integration into mechanical equipment is highlighted as a major trend, with the industry expected to benefit from AI-driven infrastructure investments [32]. - The report notes the ongoing trend of Chinese engineering machinery companies expanding overseas, transitioning from product exports to capacity exports [4][37]. Summary by Sections 1. Breakthrough in "Choke Point" Areas: Industrial Mother Machines and Scientific Instruments - The report indicates that the domestic substitution process for industrial mother machines and scientific instruments will accelerate, supported by government policies [6]. - The high-end machine tool market remains heavily reliant on imports, with opportunities for domestic manufacturers to increase their market share [7][18]. - The scientific instruments sector is characterized by a high import dependency, with over 70% of instruments imported, indicating a strong potential for domestic manufacturers to fill this gap [22][26]. 2. Deep Integration of AI and Mechanical Equipment - The report highlights that the mechanical equipment industry will benefit from AI-driven infrastructure investments, with significant capital expenditure expected from major cloud service providers [32]. - AI applications, particularly in embodied intelligence, are identified as having substantial growth potential, with various industrial and consumer applications anticipated [38]. 3. Engineering Machinery's Global Expansion - The report notes that the engineering machinery sector is transitioning from product exports to capacity exports, with a focus on high-quality international cooperation [4]. - The export value of China's engineering machinery is projected to reach $60.17 billion by 2025, reflecting a compound annual growth rate (CAGR) of 23% during the "14th Five-Year Plan" period [4]. 4. Investment Recommendations - The report recommends focusing on sectors where domestic substitution is expected to continue, such as industrial mother machines and scientific instruments [4]. - It also suggests monitoring the integration of AI with mechanical equipment and the engineering machinery sector's international expansion [4].

大和发布研报称，由于中东战争以及相关领导人频繁改变政策方向，近期整体市场波动剧烈。因此，该 行建议投资者避免交易受中东紧张局势影响的股票，例如航运和航空股，而是利用这个机会买入价值被 低估的股票，并推荐比亚迪（002594）控股(01211)、潍柴动力（000338）(02338)、敏实集团(00425)、 京东物流(02618)和中联重科（000157）(01157)。 ...

Core Viewpoint - The report from Daiwa highlights significant market volatility due to the Middle East conflict and frequent policy changes by related leaders, suggesting investors avoid stocks affected by this tension and instead focus on undervalued stocks [1] Group 1: Market Conditions - The overall market has experienced severe fluctuations recently due to the ongoing Middle East war [1] - Investors are advised to steer clear of stocks impacted by the Middle East tensions, particularly in the shipping and airline sectors [1] Group 2: Investment Recommendations - Daiwa recommends taking advantage of the current situation to buy undervalued stocks [1] - Specific stock recommendations include BYD, Weichai Power, Minth Group, JD Logistics, and Zoomlion [1]

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].

3月5日，沃尔沃集团高级副总裁Redha Messaoui一行15人到访三一重卡，与三一重卡董事长梁林河展开会谈，双方围绕研发创新、供 应链管理及中国创新生态展开平等交流、互学互鉴，携手探索新能源重卡高质量发展路径，助力全球绿色交通变革。 沃尔沃集团及沃尔沃卡车中国多位高管，与三一重卡核心管理团队及产品研发骨干开展开放研讨，就行业前沿技术与发展趋势充分交换 意见。期间，沃尔沃团队参观三一智联重卡产业园，深入了解三一在智能制造、低碳化、数字化领域的创新成果，对其先进装备制造能 力及新能源战略布局给予高度认可，直观感受重卡产业的中国速度。 Redha Messaoui表示，沃尔沃集团高度关注电池、氢燃料等前沿技术，而中国在这些领域已经走在世界的前沿，此次来访旨在探索中 国产业发展经验，探寻中国速度背后的核心逻辑。 梁林河对Redha Messaoui一行表示热烈欢迎，他强调，三一与沃尔沃长期保持友好战略合作关系，此次交流三一将毫无保留分享经 验，期待双方以互学互鉴为契机，共促新能源重卡产业升级。 沃尔沃集团及沃尔沃卡车中国总裁岑家辉指出，中国速度是多方面优势融合的成果，此次行程也是沃尔沃深入了解中国企业、深化行业 ...

2026 年 03 月 11 日 晨会纪要 [Table_Title] 晨会纪要 ——2026 年第 37 期 观点精粹: 最新报告摘要 广告延续强劲趋势，年内加码 AI 投入--哔哩哔哩-W/数字媒体(09626/217207) 点评报告（港股美股） 老牌劲旅，再书华章--中联重科/工程机械(000157/216406) 公司深度研究 国产大飞机入选"十五五"规划重大工程项目，或迎黄金发展机遇--事件点评 OpenClaw 加速"Token 与算力"出海--行业动态研究 债跌结束了吗？--固定收益点评 证券研究报告 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 1、最新报告摘要 1.1、广 告 延续 强 劲 趋势 ， 年 内加 码 AI 投 入 --哔 哩 哔哩 -W/数 字 媒体 (09626/217207) 点评报告（港股美股） 分析师：陈梦竹 S0350521090003 分析师：尹芮 S0350522110001 事件: 3 月 5 日，公司公告 2025Q4 季报，实现营业收入 83.2 亿元（YoY+8%，QoQ+8%），经调整净利润为 8.8 ...